thredUP Announces Pricing of Public Offering
July 28 2021 - 9:50PM
ThredUp Inc. (Nasdaq: TDUP) (“thredUP”), one of the largest online
resale platforms for women’s and kids’ apparel, shoes and
accessories, announced today the pricing of the public offering of
6,424,369 shares of its Class A common stock, consisting of
2,000,000 shares to be issued and sold by thredUP and 4,424,369
shares to be sold by existing stockholders of thredUP, at a public
offering price of $24.25 per share. In addition, the selling
stockholders have granted the underwriters a 30-day option to
purchase up to 963,655 additional shares of Class A common stock at
the public offering price, less underwriting discounts and
commissions. The offering is expected to close on August 2, 2021,
subject to customary closing conditions.
thredUP intends to use the net proceeds from the sale of its
shares in the offering for working capital, other general corporate
purposes and to fund its growth strategies. thredUP will not
receive any proceeds from the sale of shares by the selling
stockholders.
Goldman Sachs & Co. LLC, Morgan Stanley and Barclays are
acting as lead book-running managers for the offering. William
Blair and Wells Fargo Securities are acting as book-running
managers. KeyBanc Capital Markets, Needham & Company, Piper
Sandler and Telsey Advisory Group are acting as co-managers.
This offering is being made only by means of a prospectus. When
available, copies of the final prospectus relating to the offering
may be obtained from: Goldman Sachs & Co. LLC, Attention:
Prospectus Department, 200 West Street, New York,
NY 10282, or by telephone at (866) 471-2526; Morgan Stanley
& Co. LLC, Attention: Prospectus Department, 180 Varick Street,
2nd Floor, New York, NY 10014; and Barclays Capital Inc.,
c/o Broadridge Financial Solutions, Attention: Prospectus
Department, 1155 Long Island Avenue, Edgewood, NY 11717,
or by telephone at (888) 603-5847.
A registration statement relating to these securities has been
filed with, and declared effective by, the U.S. Securities and
Exchange Commission. This press release shall 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 ThredUp Inc.
thredUP is transforming resale with the mission to inspire a new
generation of consumers to think secondhand first. By making it
easy to buy and sell secondhand, thredUP has become one of the
world's largest resale platforms for women's and kids' apparel,
shoes and accessories. thredUP is extending the life cycle of
clothing, changing the way consumers shop and ushering in a more
sustainable future for the fashion industry.
Forward-Looking Statements
This press release contains forward-looking statements.
Forward-looking statements include all statements that are not
historical facts. The words “believe,” “may,” “will,” “estimate,”
“continue,” “anticipate,” “intend,” “expect” and similar
expressions are intended to identify forward-looking statements.
These forward-looking statements include any statements regarding
the closing of the offering. These forward-looking statements are
subject to a number of risks, uncertainties and assumptions,
including those described under “Risk Factors” in thredUP’s
registration statement relating to the offering. Except as required
by law, thredUP has no obligation to update any of these
forward-looking statements to conform these statements to actual
results or revised expectations.
Contacts:
Media Contact:media@thredup.comInvestor
Contact:IR@thredup.com
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