CARLSBAD, Calif., Sept. 15, 2021 /PRNewswire/ -- Callaway Golf
Company (the "Company" or "Callaway") (NYSE: ELY) announced today
the pricing of an underwritten public offering of 4,000,000 shares
of its common stock at a public offering price of $29.25 per share, before deducting underwriting
discounts and commissions, all of which are being sold by PEP TG
Investments LP. This represents an increase of 1,000,000 shares
from the previously announced offering size of 3,000,000 shares of
common stock. In addition, PEP TG Investments LP has granted the
underwriters a 30-day option to purchase up to 600,000 additional
shares of common stock at the public offering price, less
underwriting discounts and commissions. Callaway is not selling any
of its shares in the offering and will not receive any of the
proceeds from the sale of shares in the offering by PEP TG
Investments LP. The offering is expected to close on September 20, 2021, subject to the satisfaction
of customary closing conditions.
Goldman Sachs & Co. LLC, BofA Securities and J.P. Morgan are
acting as joint book-running managers and MUFG is acting as
co-manager of the offering.
The public offering is being made pursuant to an automatic shelf
registration statement on Form S-3 that was filed by Callaway with
the U.S. Securities and Exchange Commission (the "SEC") and
automatically became effective upon filing. A preliminary
prospectus supplement and accompanying prospectus relating to and
describing the terms of the offering have been filed with the SEC
and are available on the SEC's website at www.sec.gov. Copies of
the final prospectus supplement and accompanying prospectus, when
available, may be obtained by contacting: Goldman Sachs & Co.
LLC, Attention: Prospectus Department, 200 West Street,
New York, New York 10282, by phone
at (866) 471–2526 or by email at prospectus-ny@ny.email.gs.com.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or other jurisdiction
in which such offer, solicitation or sale would be unlawful prior
to the registration or qualification under the securities laws of
any such state or other jurisdiction.
About Callaway Golf Company
Callaway Golf Company (NYSE: ELY) is an unrivaled tech-enabled
golf company delivering leading golf equipment, apparel and
entertainment, with a portfolio of global brands including Callaway
Golf, Topgolf, Odyssey, OGIO, TravisMathew and Jack Wolfskin.
Through an unwavering commitment to innovation, Callaway
manufactures and sells premium golf clubs, golf balls, golf and
lifestyle bags, golf and lifestyle apparel and other accessories,
and provides world-class golf entertainment experiences through
Topgolf, its wholly-owned subsidiary.
Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. These forward-looking statements reflect Callaway's current
intentions, expectations or beliefs regarding the proposed common
stock offering. These statements may be preceded by, followed by or
include the words "aim," "anticipate," "believe," "estimate,"
"expect," "forecast," "intend," "likely," "outlook," "plan,"
"potential," "project," "projection," "seek," "can," "could,"
"may," "should," "would," "will," the negatives thereof and other
words and terms of similar meaning. Forward-looking statements
include all statements that are not historical facts, including
statements relating to the completion of the offering and the grant
of the option to purchase additional shares. These statements are
based upon current information and expectations. Accurately
estimating the forward-looking statements is based upon various
risks and unknowns, including market conditions, the trading price
and volatility of Callaway's common stock and the risks and
uncertainties relating to Callaway's business, including those
related to the duration and ongoing impact of the COVID-19
pandemic, and the other risks and uncertainties described in
Callaway's Annual Report on Form 10-K for the year ended
December 31, 2020, and Forms 10-Q and
8-K subsequently filed with the Securities and Exchange Commission.
Accordingly, there are or will be important factors that could
cause actual outcomes or results to differ materially from those
indicated in these statements. There is no assurance that any
forward-looking statements will materialize. You are cautioned not
to place undue reliance on forward-looking statements, which
reflect expectations only as of this date. Callaway does not
undertake any obligation to publicly update or review any
forward-looking statement, whether as a result of new information,
future developments, or otherwise.
Investor Contacts
Brian
Lynch
Lauren Scott
(760) 931-1771
invrelations@callawaygolf.com
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SOURCE Callaway Golf Company