Sotera Health Announces Secondary Offering of Common Stock
CLEVELAND, Feb. 27, 2024 - Sotera Health Company has recently launched a secondary offering of 25,000,000 shares of its common stock. The shares are being offered for sale by selling stockholders, including affiliates of Warburg Pincus LLC and GTCR, LLC, as well as two members of management and one member of the Board of Directors of the Company.
The secondary offering also includes a 30-day option for the underwriters to purchase an additional 3,750,000 shares of common stock. However, it is worth noting that the Company itself is not offering any shares in the Offering and will not receive any of the proceeds from it.
The expenses related to the offering will be covered by the Company, as per its obligations under its Amended and Restated Registration Rights Agreement. This announcement comes at a time when Sotera Health Company has recorded a cumulative net loss of $-307 million during the 12-month period ending in the third quarter of 2023.
In summary, Sotera Health Company has announced a secondary offering of its common stock, with 25,000,000 shares being offered for sale by selling stockholders. The underwriters also have the option to purchase additional shares. Additionally, it is important to note that the Company will not receive any proceeds from the offering, and will instead cover the expenses associated with it.
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