CCC Intelligent Solutions Announces Proposed Secondary Offering of 50 Million Shares of Common Stock, including Concurrent Common Stock Repurchase
November 08 2023 - 4:25PM
Business Wire
CCC Intelligent Solutions Holdings Inc. (the “Company”) (NASDAQ:
CCCS) today announced the proposed secondary offering of 50 million
shares of the Company’s common stock (the “Offering”) by affiliates
of Advent International, L.P. (the “Selling Stockholders”). The
Selling Stockholders intend to grant the underwriters a 30-day
option to purchase up to an additional 3,750,000 shares of the
Company’s common stock. The Offering consists entirely of shares of
the Company’s common stock to be sold by the Selling Stockholders,
and the Company will not receive any proceeds from the sale of the
shares being offered by the Selling Stockholders.
In connection with the Offering, the Company intends to purchase
from the Underwriters 25 million shares of the Company’s common
stock as part of the Offering at a price per share equal to the
price per share at which the underwriters purchase shares of the
Company’s common stock in the Offering (the “Concurrent
Repurchase”). The Company intends to fund the Concurrent Repurchase
with cash on hand.
J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC are
acting as joint book-running managers for the Offering. The
Offering is being made pursuant to an effective shelf registration
statement on Form S-3 (Registration No. 333-267793), which has been
filed with the Securities and Exchange Commission (“SEC”) and
became effective on October 14, 2022. The Offering will be made
only by means of a preliminary prospectus supplement and the
accompanying base prospectus. You may get these documents for free,
including the prospectus supplement, once available, by visiting
EDGAR on the SEC website at www.sec.gov. Alternatively, copies of
the preliminary prospectus supplement, once available, and the
accompanying base prospectus may be obtained by contacting: J.P.
Morgan Securities LLC, c/o Broadridge Financial Solutions, by mail
at 1155 Long Island Avenue, Edgewood, New York 11717, by telephone:
(866) 803-9204, or by email at prospectus-eq_fi@jpmchase.com or
Morgan Stanley & Co. LLC, Attn: Prospectus Department, 180
Varick Street 2nd Floor, New York, New York 10014.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
ABOUT CCC INTELLIGENT SOLUTIONS
CCC Intelligent Solutions Inc. (CCC), a subsidiary of CCC
Intelligent Solutions Holdings Inc. (NASDAQ: CCCS), is a leading
SaaS platform for the multi-trillion-dollar P&C insurance
economy powering operations for insurers, repairers, automakers,
part suppliers, lenders, and more. CCC cloud technology connects
more than 35,000 businesses digitizing mission-critical workflows,
commerce, and customer experiences. A trusted leader in AI, IoT,
customer experience, network and workflow management, CCC delivers
innovations that keep people’s lives moving forward when it matters
most.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements that are
based on beliefs and assumptions and on information currently
available. In some cases, you can identify forward-looking
statements by the following words: “may,” “will,” “could,” “would,”
“should,” “expect,” “intend,” “plan,” “anticipate,” “believe,”
“estimate,” “predict,” “project,” “potential,” “continue,”
“ongoing” or the negative of these terms or other comparable
terminology, although not all forward-looking statements contain
these words. These statements involve risks, uncertainties and
other factors that may cause actual results, levels of activity,
performance or achievements to be materially different from the
information expressed or implied by these forward-looking
statements. Forward-looking statements in this press release
include, but are not limited to, statements regarding the Offering.
Such differences may be material. We cannot assure you that the
forward-looking statements in this press release will prove to be
accurate. These forward-looking statements are subject to a number
of risks and uncertainties, including, among others, closing of the
Offering and Concurrent Repurchase on the anticipated terms or at
all; market conditions; and the satisfaction of customary closing
conditions related to the Offering; and other risks and
uncertainties, including those included under the header “Risk
Factors” in our Form 10-K filed with the SEC on March 2, 2023,
which can be obtained, without charge, at the SEC’s website
(www.sec.gov). The forward-looking statements in this press release
represent our views as of the date of this press release. We
anticipate that subsequent events and developments will cause our
views to change. However, while we may elect to update these
forward-looking statements at some point in the future, we have no
current intention of doing so except to the extent required by
applicable law. You should, therefore, not rely on these
forward-looking statements as representing our views as of any date
subsequent to the date of this press release.
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version on businesswire.com: https://www.businesswire.com/news/home/20231108182911/en/
INVESTOR CONTACT Bill Warmington VP, Investor Relations,
CCC Intelligent Solutions Inc. IR@cccis.com 312-229-2355 MEDIA
CONTACT Michelle Hellyar Senior Director, Public Relations, CCC
Intelligent Solutions Inc. mhellyar@cccis.com 773-791-3675
CCC Intelligent Solutions (NASDAQ:CCCS)
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