Hydrofarm Holdings Group Announces Launch of Proposed Public Offering of Common Stock
April 26 2021 - 4:06PM
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 that it will commence an underwritten
public offering of 4.0 million shares of its common stock. All
shares of common stock are being offered by Hydrofarm. In
connection with the offering, Hydrofarm intends to grant the
underwriters a 30-day option to purchase up to approximately
600,000 additional shares of its common stock. The
proposed offering is subject to market and other conditions, and
there can be no assurances as to whether or when the proposed
offering may be completed, or as to the actual size or terms of the
proposed offering.
Hydrofarm expects to use the net proceeds from
the proposed offering for acquisitions, working capital and other
general corporate purposes. Additionally, Hydrofarm may use a
portion of the net proceeds to acquire or invest in businesses,
products, services, or technologies.
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 the U.S. Securities and Exchange
Commission but has not yet become effective. The proposed offering
will be made only by means of a prospectus. Copies of the
preliminary prospectus, 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.
These securities may not be sold, nor may offers
to buy be accepted, prior to the time the registration statement
becomes effective. 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 terms of the proposed public offering,
Hydrofarm’s expectations with respect to granting the underwriters
a 30-day option to purchase additional shares and the completion,
timing and size of the proposed public 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 proposed 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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