BRADENTON, Fla. - First Watch Restaurant Group, Inc. (NASDAQ: FWRG), known for its daytime dining restaurants, announced today a secondary stock offering of 6 million shares by certain funds managed by Advent International, L.P. The offering also includes an option for the underwriter to purchase up to an additional 900,000 shares.
The proceeds from the sale will go entirely to the selling stockholders, with First Watch not selling any shares nor receiving any of the proceeds. Barclays (LON:BARC) is the sole underwriter for this transaction.
Shares will be offered on the Nasdaq Global Select Market, over-the-counter, through negotiated transactions, or at market prices. The offering is made under an effective shelf registration statement filed with the U.S. Securities and Exchange Commission (SEC).
This press release contains forward-looking statements, which are subject to risks, uncertainties, and other factors that may cause actual results to differ materially from those expressed. Factors influencing the company's performance include economic conditions, consumer preferences, and the ability to successfully open and operate new restaurants.
First Watch, with more than 520 locations in 29 states, has received numerous accolades, including being named a Top 100 Most Loved Workplace by Newsweek. It is majority-owned by Advent International, L.P.
The announcement is based on a press release statement and does not constitute an offer to sell or a solicitation of an offer to buy securities. Potential investors are advised to read the company's filings with the SEC for more complete information about First Watch and the offering.
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