NEW YORK - Perella Weinberg Partners (NASDAQ:PWP), a global advisory firm, announced the pricing of an upsized public offering of 5 million shares of Class A common stock at $12.00 per share. The offering, which is expected to close on March 1, 2024, may expand with an additional 750,000 shares available to the underwriter for purchase within 30 days, under certain conditions.
The net proceeds from the offering will be contributed to PWP Holdings LP (PWP OpCo), in exchange for an equivalent number of PWP OpCo Class A partnership units, and potentially an additional 750,000 units if the underwriter\'s option is fully exercised. PWP OpCo plans to utilize the funds for various purposes, including the conversion of certain Partnership Class A-3 Common Units (ACUs) into cash to cover estimated tax liabilities related to their vesting, and the purchase of outstanding PWP OpCo Class A partnership units and Class B common stock shares in connection with a quarterly exchange.
These intended uses are part of the company\'s current strategies and may adapt to changing business conditions. Furthermore, these plans are contingent upon the completion of a proposed merger of PWP AdCo Professionals LP with and into PWP OpCo. Citizens JMP is serving as the sole underwriter for the offering.
The offering is conducted through a shelf registration statement on Form S-3, declared effective by the SEC on July 19, 2022, with a prospectus supplement and accompanying base prospectus filed with the SEC and available on their website.
Perella Weinberg Partners provides strategic and financial advice to a diverse client base, including corporations, institutions, governments, and sovereign wealth funds. The firm, with approximately 700 employees, operates out of multiple global locations, including New York, London, and San Francisco.
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