OneWater Marine Inc. (ONEW) last week went through a pricing of an underwritten public offering. Shares of company’s Class A common stock totaling 3,170,868 in numbers with par value of $0.01 per share were offered at a per share price of $20.00.
The company is offering 425,000 shares of its Class A common stock, while remaining 2,745,868 shares have been offered by its stockholder for selling. The company has already filed the names of selling stockholders in the registration statement on Form S-1 previously filed with the Securities and Exchange Commission.
Also an option-exercise period of 30 days has been granted by an affiliate of Goldman Sachs & Co. LLC to the underwriters. During that period, underwriter will be allowed to purchase an additional 475,630 shares of OneWater’s Class A common stock. The offering was subject to customary closing condition and at the time, was expected to close this week on September 22, 2020.
OneWater will not be receiving any of the proceeds from sale of shares offered by stockholders. To the proceeds of offering 425,000 shares of its own, company is in plans of expending those funds on general corporate and working capital purposes. It includes general and administration related matters as well as plan to expand business.
Stifel and KeyBanc Capital Market were the acting co-managers for the offering while Baird, Raymond James and Truist Securities served as joint book-running managers for the company.
In efforts to expand its business, OneWater last month came purchasing a website domain namely Boatsforsale.com. The company expecting enhancing its online platform with hat purchase offering new and pre-owned boats as well as financing and insurance services to the customers.
At the time, company Chief Executive Officer, Austin Singleton described the Boatsforsale.com as an all-inclusive and personalized online platform for users to buy, sell, and compare boats, and also an ease of accessing financing & insurance services.