Sterling Check Corp. Announces Secondary Public Offering and Share Repurchase Agreement
Sterling Check Corp. (STER) has made an announcement regarding its plans for a secondary public offering and a share repurchase agreement. The company, a leading global provider of technology-enabled background and identity verification services, aims to provide an opportunity for certain existing stockholders to sell their shares while also repurchasing some of its own shares.
Sterling Check Corp. has launched an underwritten secondary public offering, in which certain existing stockholders affiliated with The Goldman Sachs Group, Inc. will offer 8,000,000 shares of the company's common stock to the public. Additionally, the selling stockholders plan to grant the underwriters a 30-day option to purchase up to an additional 1,200,000 shares of common stock. It's important to note that Sterling itself will not be selling any shares in the offering and will not receive any proceeds from the sale of shares by the selling stockholders.
Alongside the secondary public offering, Sterling has also entered into a share repurchase agreement with one of the selling stockholders. This agreement entails Sterling repurchasing 1,000,000 shares of its common stock directly from the selling stockholder in a private, non-underwritten transaction. The price per share for the repurchase will be equal to the price paid by the underwriters to the selling stockholders in the offering. This repurchase will be funded from Sterling's cash on hand and will be part of the company's existing $100,000,000 share repurchase program.
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