CAVA Announces Closing of Initial Public Offering and Full Exercise of Underwriters’ Option to Purchase Additional Shares
20 Juni 2023 - 10:15PM
Business Wire
CAVA Group, Inc. (“CAVA”), the category-defining Mediterranean
fast-casual restaurant brand that brings heart, health, and
humanity to food, today announced the closing of its initial public
offering of 16,611,110 shares of its common stock at a price to the
public of $22.00 per share, including the full exercise by the
underwriters of their option to purchase up to 2,166,666 additional
shares of common stock.
CAVA’s common stock is listed on the New York Stock Exchange and
trades under the ticker symbol “CAVA.”
CAVA intends to use the net proceeds from the offering to fund
future new restaurant openings, with any remaining proceeds for
general corporate purposes, which may include the repayment of its
delayed draw term loans used to finance construction and capital
expenditures in respect of its new production facility in Verona,
Virginia.
J.P. Morgan and Jefferies acted as joint lead book-running
managers of the offering, and J.P. Morgan, Jefferies, and Citigroup
acted as representatives of the underwriters for the offering.
Citigroup and Morgan Stanley acted as joint bookrunners for the
offering. Piper Sandler, Baird, Stifel, and William Blair also
acted as joint bookrunners for the offering. Capital One
Securities, Blaylock Van, LLC, and Drexel Hamilton acted as
co-managers for the offering.
A registration statement on Form S-1 relating to the offering
was declared effective by the Securities and Exchange Commission
(the “SEC”) on June 14, 2023. Copies of the registration statement
can be accessed through the SEC’s website at www.sec.gov. This
press release does not constitute an offer to sell or the
solicitation of an offer to buy any securities, and shall not
constitute an offer, solicitation, or sale in any state or
jurisdiction in which such offer, solicitation, or sale would be
unlawful prior to registration or qualification under the
securities laws of that state or jurisdiction. Any offers,
solicitations or offers to buy, or any sales of securities will be
made in accordance with the registration requirements of the
Securities Act of 1933, as amended.
The offering was made only by means of a prospectus. Copies of
the prospectus related to the offering can be obtained from: J.P.
Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155
Long Island Avenue, Edgewood, NY 11717, by telephone at (866)
803-9204, or by email at prospectus-eq_fi@jpmchase.com; Jefferies
LLC, Attn: Equity Syndicate Prospectus Department, 520 Madison
Avenue, New York, NY 10022, by telephone at (877) 821-7388, or by
email at Prospectus_Department@Jefferies.com; or Citigroup Global
Markets Inc., Attn: Broadridge Financial Solutions, 1155 Long
Island Avenue, Edgewood, NY, 11717, or by telephone at
800-831-9146.
Forward Looking Statements
This press release contains forward-looking statements.
Forward-looking statements include all statements that are not
historical facts. The words “believe,” “may,” “will,” “estimate,”
“continue,” “anticipate,” “intend,” “expect” and similar
expressions are intended to identify forward-looking statements.
These forward-looking statements, including statements regarding
the use of proceeds, are subject to a number of risks,
uncertainties and assumptions, including those described under
“Risk Factors” under CAVA’s registration statement relating to the
offering. Except as required by law, CAVA has no obligation to
update any of these forward-looking statements to conform these
statements to actual results or revised expectations.
About CAVA
CAVA is the category-defining Mediterranean fast-casual
restaurant brand, bringing together healthful food and bold,
satisfying flavors at scale. Rooted in our rich Mediterranean
heritage, we bring a timeless approach to modern wellness through
our authentic cuisine and vibrant brand experience. Guided by our
mission, we believe food is a unifier for a more diverse and
inclusive world for our guests, team members, and our grower and
rancher partners, where all are welcome at our table. We believe
that consumers should not have to choose between taste and health –
our innovative cuisine appeals to a wide variety of preferences,
satisfying the modern consumer’s desires for flavorful, craveable,
and nutritious food without compromise.
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version on businesswire.com: https://www.businesswire.com/news/home/20230620982798/en/
Matt Milanovich, VP, FP&A and Investor Relations (202)
984-2558 matt.milanovich@cava.com
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