NEW YORK - Pagaya (NASDAQ:PGY) Technologies Ltd. (NASDAQ: PGY), an artificial intelligence financial infrastructure firm, announced today its initiation of a public offering of 6.5 million Class A ordinary shares. The company is also expected to provide a 30-day option for underwriters to purchase an additional 975,000 shares.
The New York and Tel Aviv-based company intends to allocate net proceeds from this offering to general corporate purposes and to bolster future growth. This may encompass working capital and associated investments, though the completion of the offering is contingent on market and other conditions.
Citigroup and Jefferies are serving as the active joint book-running managers for the offering, with Keefe, Bruyette & Woods, a Stifel Company, as a book-runner and B. Riley Securities as a co-manager.
Pagaya's offering is pursuant to a shelf registration statement filed with the Securities and Exchange Commission (SEC) on October 4, 2023, which became effective on October 16, 2023. Prospective investors are advised to read the prospectus supplement, the accompanying prospectus, and the documents incorporated by reference for more complete information about Pagaya and the offering.
The announcement made clear that the offering is only available through a prospectus supplement and accompanying prospectus, which can be obtained from Citigroup Global Markets Inc. or Jefferies LLC.
Pagaya is known for leveraging machine learning and AI to provide consumer credit and residential real estate solutions. Its technology integrates into partner networks, aiming to enhance user experiences and access to financial services.
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