Hydrofarm Holdings Group Announces Pricing of Upsized Public Offering of Common Stock
April 28 2021 - 9:26PM
Hydrofarm Holdings Group, Inc. (“Hydrofarm” or the “Company”)
(Nasdaq: HYFM), a leading independent distributor and manufacturer
of hydroponics equipment and supplies for controlled environment
agriculture, today announced the pricing of an underwritten upsized
public offering of 4,805,967 shares of its common stock at a public
offering price of $59.00 per share. The net proceeds to the Company
from this offering, after deducting the underwriting discounts and
commissions and estimated offering expenses payable by the Company,
are expected to be approximately $269.3 million. All shares of
common stock are being offered by Hydrofarm. In addition, the
Company has granted the underwriters a 30-day option to purchase up
to an additional 720,894 of its common stock at the public offering
price, less the underwriting discounts and commissions. The
offering is expected to close on May 3, 2021, subject to the
satisfaction of customary closing conditions.
J.P. Morgan and Stifel are acting as lead
book-running managers for the offering. Deutsche Bank Securities,
Truist Securities and William Blair are acting as book-running
managers for the offering.
A registration statement relating to these
securities has been filed with, and declared effective by, the U.S.
Securities and Exchange Commission. The offering is being made only
by means of a prospectus. A copy of the final prospectus relating
to the offering, when available, may be obtained from: J.P. Morgan
Securities LLC, c/o Broadridge Financial Solutions, 1155 Long
Island Avenue, Edgewood, NY 11717, by email at
prospectus-eq_fi@jpmorgan.com or by telephone at (866) 803-9204; or
Stifel, Nicolaus & Company, Incorporated, Attention: Prospectus
Department, One Montgomery Street, Suite 3700, San Francisco, CA
94104 or by telephone at (415) 364-2720 or by email at
syndprospectus@stifel.com.
This press release does not constitute an offer
to sell or the solicitation of an offer to buy these securities,
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 Hydrofarm
Hydrofarm is a leading independent distributor
and manufacturer of hydroponics equipment and supplies for
controlled environment agriculture, including grow lights, climate
control solutions, growing media and nutrients, as well as a broad
portfolio of innovative and proprietary branded products. For over
40 years, Hydrofarm has helped growers make growing easier and more
productive. The Company’s mission is to empower growers, farmers
and cultivators with products that enable greater quality,
efficiency, consistency and speed in their grow projects.
Cautionary Note Regarding
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of the “safe harbor” provisions of
the Private Securities Litigation Reform Act of 1995. These
forward-looking statements reflect the current beliefs and
expectations of management and include, but are not limited to,
statements regarding the expected gross proceeds of the offering,
the satisfaction of customary closing conditions related to the
offering and sale of securities, and Hydrofarm’s ability to
complete the offering. All statements other than statements of
historical fact are statements that could be deemed forward-looking
statements. Although Hydrofarm believes that the expectations
reflected in such forward-looking statements are reasonable, it can
give no assurance that such expectations will prove to be correct.
Forward-looking statements are subject to risks and uncertainties
that may cause Hydrofarm’s actual activities or results to differ
significantly from those expressed in any forward-looking
statement, including, without limitation, risks and uncertainties
related to market conditions and the satisfaction of closing
conditions related to the proposed public offering, and the risks
and uncertainties described under the heading “Risk Factors” in
documents Hydrofarm files from time to time with the SEC, including
Hydrofarm’s Annual Report on Form 10-K filed with the SEC on March
30, 2021, the preliminary prospectus for this offering included as
part of the registration statement on Form S-1 related to the
offering filed with the SEC on April 26, 2021, and its future
periodic reports to be filed with the SEC. These forward-looking
statements speak only as of the date of this press release, and
Hydrofarm undertakes no obligation to revise or update any
forward-looking statements to reflect events or circumstances after
the date hereof.
Contacts:
Investor ContactFitzhugh Taylor
/ ICRir@hydrofarm.com
Media ContactThe LAKPR
GroupHannah Arnold, 202-559-9171, harnold@lakpr.comLynn Trono,
323-672-8226, ltrono@lakpr.com-or-HydrofarmLisa Gallagher,
513-505-2334, lgallagher@hydrofarm.com
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