DALLAS - Landsea Homes Corporation (NASDAQ:LSEA), a residential homebuilder, has set the price for its secondary stock offering by its major shareholder, Landsea Holdings Corporation. The offering includes 2,434,783 shares at $11.60 each, with an additional option for underwriters to purchase up to 365,217 shares within 30 days. The expected closing date is March 8, 2024, contingent upon standard closing conditions.
The transaction involves only secondary shares from the largest stockholder; Landsea Homes itself is not selling any shares and will not receive proceeds from this offering. Notably, certain senior management and board members, including a family member of the Chairman, intend to buy a collective $915,000 worth of shares at the offering price.
Joint bookrunning managers for the offering are B. Riley Securities and BofA Securities, with BTIG and Wedbush Securities serving as co-managers. The offering is made possible by a shelf registration statement filed and declared effective by the Securities and Exchange Commission (SEC), with the sale conducted through a prospectus supplement and accompanying prospectus.
Landsea Homes operates out of Dallas, TX, and focuses on designing and constructing homes and sustainable communities in several key U.S. markets, including Arizona, California, Colorado, Florida, Texas, and the Metro (TSX:MRU) New York area.
The information for this article is based on a press release statement from Landsea Homes.
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