NEW YORK - Perella Weinberg Partners, known as PWP (NASDAQ:PWP), a global independent advisory firm, announced the commencement of a public offering of 4.5 million shares of its Class A common stock. In connection with this offering, the firm may also grant the underwriter an option to purchase up to an additional 675,000 shares.
The offering is contingent on market conditions, and there is no certainty regarding the completion or terms of the proposed offering. PWP aims to use the net proceeds from the offering to contribute to PWP Holdings LP (PWP OpCo) in exchange for Class A partnership units. Specifically, if the underwriter fully exercises its option, PWP OpCo would receive 5.175 million Class A partnership units.
PWP OpCo plans to allocate the proceeds it receives to several key areas. These include covering estimated tax liabilities associated with the vesting of Partnership Class A-3 Common Units (ACUs) into cash rather than PWP OpCo Class A partnership units, purchasing outstanding PWP OpCo Class A partnership units and Class B common stock shares in line with the second-quarter 2024 quarterly exchange, and for general corporate purposes.
The aforementioned plans are subject to the successful completion of the merger of PWP AdCo Professionals LP with PWP OpCo.
Citizens JMP is serving as the sole underwriter for the offering. Investors can access the preliminary prospectus supplement and accompanying base prospectus filed with the SEC, which are available on the SEC's website.
Perella Weinberg Partners provides strategic and financial advice to a diverse client base, including corporations, institutions, governments, sovereign wealth funds, and the financial sponsor community. The firm operates with approximately 700 employees across offices in key cities worldwide.
This press release includes forward-looking statements, which are based on the company's current expectations and projections about future events. These statements are not guarantees of future performance, and investors are cautioned that actual results may differ materially from those projected.
The information in this article is based on a press release statement from Perella Weinberg Partners.
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