TORRANCE, Calif., Aug. 13, 2020 /PRNewswire/
-- CarParts.com, Inc. (NASDAQ: PRTS)
("CarParts.com"), one of the leading e-commerce providers of
automotive parts and accessories, today announced the pricing
of an underwritten public offering of 6,000,000 shares of its
common stock at a price to the public of $13.00 per share. Of the shares being offered,
4,000,000 are being offered by CarParts.com and the remaining
2,000,000 shares are being offered by an existing stockholder.
CarParts.com has granted the underwriters a 30-day option to
purchase up to an additional 900,000 shares of common stock in the
offering at the public offering price. The gross proceeds to
CarParts.com from the offering, before underwriting discounts and
commissions and offering costs, are expected to be $52,000,000. CarParts.com intends to use the net
proceeds from the proposed offering for general corporate purposes,
including working capital. The offering is expected to close on or
about August 18, 2020, subject to
satisfaction of customary closing conditions.
RBC Capital Markets is acting as the sole book-runner, and
Craig-Hallum Capital Group is acting as the sole lead manager for
the offering. D.A. Davidson & Co. and Roth Capital Partners are
acting as co-managers for the offering.
The securities described above are being offered pursuant to an
effective shelf registration statement on Form S-3 (No. 333-240467)
that was declared effective by the Securities and Exchange
Commission (the "SEC") on August 11,
2020. The offering may be made only by means of a written
prospectus and prospectus supplement that form a part of the
registration statement. A final prospectus supplement and
accompanying prospectus relating to the offering will be filed with
the SEC and will be available on the SEC's website at www.sec.gov.
Copies of the final prospectus supplement and the accompanying
prospectus, when available, may also be obtained by request
from RBC Capital Markets, LLC, Attention: Equity Capital
Markets, 200 Vesey Street, New York, New
York 10281-8098, or by fax at (212) 428-6260; or from
Craig-Hallum Capital Group at 222 South Ninth Street, Suite 350,
Minneapolis, Minnesota 55402,
Attention: Equity Capital Markets, by telephone at 612-334-6300, or
by email prospectus@chlm.com. This press release shall not
constitute an offer to sell or the solicitation of an offer to buy
the securities being offered, nor shall there be any sale of the
securities being offered in any state or other jurisdiction in
which such offer, solicitation, or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or other jurisdiction.
About CarParts.com
For over 20 years, CarParts.com has been a leader in the
e-commerce automotive aftermarket, providing collision, engine, and
performance parts and accessories. With over 50 million parts
delivered, we've helped everyday drivers across the contiguous
United States find the right parts
to keep their vehicles on the road.
With a focus on the end-to-end customer experience, we've
designed our website and sourcing network to simplify the way
drivers get the parts they need. Our vehicle selector and
easy-to-navigate, mobile-friendly website offer customers
guaranteed fitment and a convenient online shopping experience. And
with our own wide distribution network, we bring the very best
brands and manufacturers directly to consumer hands, cutting out
all the brick-and-mortar supply chain costs to provide quality
parts at a discount for our loyal customers. Combined with our
90-day return policy and satisfaction guarantee, CarParts.com makes
it simple for customers to get parts delivered straight to their
door. CarParts.com is headquartered in Torrance, California.
Forward-Looking Statement
This press release contains statements which are forward
looking statements for the purposes of the safe harbor provided by
Section 21E of the Securities Exchange Act of 1934, as amended
and Section 27A of the Securities Act of 1933, as amended.
Words such as "anticipates," "could," "expects," "intends,"
"plans," "potential," "believes," "predicts," "projects," "seeks,"
"estimates," "may," "will," "would," "will likely continue" and
variations of these words or similar expressions are intended to
identify forward-looking statements. These statements include,
but are not limited to, the proposed offering of shares of common
stock. We undertake no obligation to revise or update publicly any
forward-looking statements for any reason, except as required by
law. These statements are not guarantees of future performance and
are subject to certain risks, uncertainties and assumptions that
are difficult to predict. Therefore, our actual results could
differ materially and adversely from those expressed in any
forward-looking statements as a result of various factors.
Important factors that may cause such a difference include, but are
not limited to, market risks and uncertainties, the satisfaction of
customary closing conditions for an offering of securities, and any
other factors discussed in the Company's filings with the
Securities and Exchange Commission (the "SEC"), including the Risk
Factors contained in the Company's Annual Report on Form 10-K
and Quarterly Reports on Form 10-Q, which are available
at www.carparts.com/investor and the SEC's website
at www.sec.gov. You are urged to consider these factors
carefully in evaluating the forward-looking statements in this
release and are cautioned not to place undue reliance on such
forward-looking statements, which are qualified in their entirety
by this cautionary statement. Unless otherwise required by
law, the Company expressly disclaims any obligation to update
publicly any forward-looking statements, whether as result of new
information, future events or otherwise, except as required by
law.
Investor Relations:
Sean Mansouri, CFA or
Cody Slach
Gateway Investor Relations
949-574-3860
PRTS@gatewayir.com
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SOURCE CarParts.com, Inc.