SelectQuote, Inc. (NYSE: SLQT) (“SelectQuote” or the “Company”),
a pioneer in providing consumers with unbiased price comparisons
from some of the most trusted insurance carriers, today announced
the commencement of a proposed registered secondary public offering
of 10,600,000 shares of common stock by certain stockholders of the
Company (the “Selling Stockholders”), including entities associated
with Brookside Equity Partners LLC and other stockholders of the
Company. All of the shares that would be sold in the offering would
be sold by the Selling Stockholders.
The underwriters will have a 30-day option to purchase up to an
additional 1,590,000 shares of common stock from Selling
Stockholders. SelectQuote is not selling any shares of common stock
and will not receive any proceeds from the proposed offering. The
proposed offering will not change the number of shares of common
stock that are currently outstanding.
Credit Suisse, Morgan Stanley, Goldman Sachs & Co. LLC, RBC
Capital Markets, Barclays, Citigroup, Evercore ISI and Jefferies
are acting as joint bookrunners for this offering. Cantor, Keefe
Bruyette & Woods, A Stifel Company, Piper Sandler and Drexel
Hamilton are acting as co-managers for this offering.
A registration statement relating to these securities has been
filed with the Securities and Exchange Commission but has not yet
become effective. These securities may not be sold nor may offers
to buy be accepted prior to the time the registration statement
becomes effective. A preliminary prospectus relating to the
offering has been filed with the Securities and Exchange Commission
and is available on its Web site, http://www.sec.gov/. Copies of
the preliminary prospectus also may be obtained from: Credit Suisse
Securities (USA) LLC, By mail: Attn: Prospectus Department, 6933
Louis Stephens Drive, Morrisville, North Carolina 27560, United
States, By phone: 1-800-221-1037, By e-mail:
usa.prospectus@credit-suisse.com and Morgan Stanley & Co. LLC,
Attention: Prospectus Department, 180 Varick Street, Second Floor,
New York, New York 10014.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy any securities and shall not
constitute an offer, solicitation or sale in any jurisdiction in
which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of that
jurisdiction. Any offers, solicitations or offers to buy, or any
sales of securities will be made in accordance with the
registration requirements of the Securities Act of 1933, as
amended.
Forward Looking Statement
This release contains forward-looking statements. These
forward-looking statements reflect our current views with respect
to, among other things, future events and our financial
performance. These statements are often, but not always, made
through the use of words or phrases such as “may,” “should,”
“could,” “predict,” “potential,” “believe,” “will likely result,”
“expect,” “continue,” “will,” “anticipate,” “seek,” “estimate,”
“intend,” “plan,” “projection,” “would” and “outlook,” or the
negative version of those words or other comparable words or
phrases of a future or forward-looking nature. These
forward-looking statements are not historical facts, and are based
on current expectations, estimates and projections about our
industry, management’s beliefs and certain assumptions made by
management, many of which, by their nature, are inherently
uncertain and beyond our control. Accordingly, we caution you that
any such forward-looking statements are not guarantees of future
performance and are subject to risks, assumptions and uncertainties
that are difficult to predict. Although we believe that the
expectations reflected in these forward-looking statements are
reasonable as of the date made, actual results may prove to be
materially different from the results expressed or implied by the
forward-looking statements.
There are or will be important factors that could cause our
actual results to differ materially from those indicated in these
forward-looking statements, including, but not limited to, the
following: the ultimate duration and impact of the ongoing COVID-19
pandemic, our reliance on a limited number of insurance carrier
partners and any potential termination of those relationships or
failure to develop new relationships; existing and future laws and
regulations affecting the health insurance market; changes in
health insurance products offered by our insurance carrier partners
and the health insurance market generally; insurance carriers
offering products and services directly to consumers; changes to
commissions paid by insurance carriers and underwriting practices;
competition with brokers, exclusively online brokers and carriers
who opt to sell policies directly to consumers; competition from
government-run health insurance exchanges; developments in the U.S.
health insurance system; our dependence on revenue from carriers in
our senior segment and downturns in the senior health as well as
life, automotive and home insurance industries; our ability to
develop new offerings and penetrate new vertical markets; risks
from third-party products; failure to enroll individuals during the
Medicare annual enrollment period; our ability to attract,
integrate and retain qualified personnel; our dependence on lead
providers and ability to compete for leads; failure to obtain
and/or convert sales leads to actual sales of insurance policies;
access to data from consumers and insurance carriers; accuracy of
information provided from and to consumers during the insurance
shopping process; cost-effective advertisement through internet
search engines; ability to contact consumers and market products by
telephone; global economic conditions; disruption to operations as
a result of future acquisitions; significant estimates and
assumptions in the preparation of our financial statements;
impairment of goodwill; potential litigation and claims, including
IP litigation; our existing and future indebtedness; developments
with respect to LIBOR; access to additional capital; failure to
protect our intellectual property and our brand; fluctuations in
our financial results caused by seasonality; accuracy and
timeliness of commissions reports from insurance carriers; timing
of insurance carriers’ approval and payment practices; factors that
impact our estimate of the constrained lifetime value of
commissions per policyholder; changes in accounting rules, tax
legislation and other legislation; disruptions or failures of our
technological infrastructure and platform; failure to maintain
relationships with third-party service providers; cybersecurity
breaches or other attacks involving our systems or those of our
insurance carrier partners or third-party service providers; our
ability to protect consumer information and other data; and failure
to market and sell Medicare plans effectively or in compliance with
laws. For a further discussion of these and other risk factors that
could impact our future results and performance, see the section
entitled “Risk Factors” in the registration statement on Form S-1,
including the preliminary prospectus, we have filed with the
Securities and Exchange Commission. Accordingly, you should not
place undue reliance on any such forward-looking statements. Any
forward-looking statement speaks only as of the date on which it is
made, and, except as otherwise required by law, we do not undertake
any obligation to publicly update or review any forward-looking
statement, whether as a result of new information, future
developments or otherwise.
About SelectQuote:
Founded in 1985, SelectQuote provides solutions that help
consumers protect their most valuable assets: their families,
health and property. The Company pioneered the direct-to-consumer
model of providing unbiased comparisons from multiple, highly-rated
insurance companies allowing consumers to choose the policy and
terms that best meet their unique needs. Two foundational pillars
underpin SelectQuote’s success: a strong force of highly-trained
and skilled agents who provide a consultative needs analysis for
every consumer, and proprietary technology that sources, scores,
and routes high-quality sales leads. The Company has three core
business lines: SelectQuote Senior, SelectQuote Life and
SelectQuote Auto and Home. SelectQuote Senior, the largest and
fastest-growing business, serves the needs of a demographic that
sees 10,000 people turn 65 each day with a range of Medicare
Advantage and Medicare Supplement plans from leading,
nationally-recognized carriers, as well as prescription drug plans,
dental, vision and hearing plans.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210301005980/en/
Investor Relations: Sloan Bohlen 877-678-4083
investorrelations@selectquote.com
Media: Matt Gunter 913-286-4931
matt.gunter@selectquote.com
Kelly Hale 913-653-4375 kelly.hale@selectquote.com
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