Core & Main Announces Underwritten Secondary Public Offering of 5 Million Shares of Class A Common Stock by Selling Stockholders
Buybacks
April 14, 2023
Core & Main, Inc. (CNM), a leading provider of infrastructure solutions and local services nationwide, has announced an underwritten secondary public offering of 5 million shares of its Class A common stock by certain selling stockholders. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed.
In the offering, Core & Main will not offer any shares of Class A common stock and will not receive any proceeds from the offering. Instead, certain selling stockholders will offer the 5 million shares of Class A common stock.
In addition, Core & Main announced that it plans to repurchase and redeem 9,377,183 shares of its Class A common stock and 5,622,817 partnership interests of the Company's subsidiary Core & Main Holdings, LP, along with a corresponding number of shares of Class B common stock of Core & Main. The repurchase will take place concurrently with the completion of the offering. The closing of the repurchase is subject to the closing of the offering, but the closing of the offering is not conditioned upon the closing of the repurchase.
J.P. Morgan Securities LLC is the sole underwriter for the offering. The underwriter may offer the shares of Class A common stock from time to time for sale in one or more transactions on the NYSE, in the over-the-counter market, through negotiated transactions or otherwise, at market prices prevailing at the time of sale, at prices related to prevailing market prices, or at negotiated prices.
Members of LevelFields received the alert of this event on April 11, 4:55 PM ET
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