Wag! Group Co. Announces Pricing of Public Offering of $10 Million of Shares of Common Stock
July 17 2024 - 7:30AM
Business Wire
Wag! Group Co. (the “Company” or “Wag!”; Nasdaq: PET), which
strives to be the number one platform to solve the service,
product, and wellness needs of the modern U.S. pet household, today
announced the pricing of its underwritten public offering of
7,407,407 shares of its common stock at a price to the public of
$1.35 per share. The gross proceeds to Wag! from the offering,
before deducting underwriting discounts and commissions and other
offering expenses, are expected to be $10 million. Wag! intends to
use the net proceeds from the offering to repay approximately $8.5
million of indebtedness, with any remainder to be used for working
capital and general corporate purposes. The offering is expected to
close on or about July 18, 2024, subject to the satisfaction of
customary closing conditions.
Craig-Hallum is acting as sole managing underwriter for the
offering.
The shares described above are being offered by Wag! pursuant to
a shelf registration statement on Form S-3, including a base
prospectus, that was filed with the Securities and Exchange
Commission (“SEC”) and declared effective on September 13, 2023.
The offering is being made only by means of a prospectus supplement
and the accompanying prospectus that will form a part of the
registration statement. A preliminary prospectus supplement and the
accompanying prospectus relating to the offering was filed with the
SEC on July 16, 2024. The final prospectus supplement and the
accompanying prospectus relating to the offering will be filed with
the SEC and available on the SEC’s website at www.sec.gov. When
available, copies of the final prospectus supplement and the
accompanying prospectus relating to this offering may be obtained
from Craig-Hallum Capital Group LLC, Attention: Equity Capital
Markets, 222 South Ninth Street, Suite 350, Minneapolis, MN 55402,
by telephone at (612) 334-6300 or by email at
prospectus@chlm.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such
jurisdiction.
About Wag! Group Co.
Wag! Group Co. strives to be the number one platform to solve
the service, product, and wellness needs of the modern U.S. pet
household. Wag! pioneered on-demand dog walking in 2015 with the
Wag! app, which offers access to 5-star dog walking, sitting, and
one-on-one training from a community of over 500,000 Pet Caregivers
nationwide. In addition, Wag! Group Co. operates Petted, one of the
nation’s largest pet insurance comparison marketplaces; Dog Food
Advisor, one of the most visited and trusted pet food review
platforms; WoofWoofTV, a multi-media company bringing delightful
pet content to over 18 million followers across social media;
maxbone, a digital platform for modern pet essentials; and Furmacy,
software to simplify pet prescriptions.
Forward-Looking Statements
This press release contains certain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. Some of the forward-looking statements can be identified
by the use of forward-looking words. Statements that are not
historical in nature, including the words “anticipate,” “expect,”
“suggests,” “plan,” “believe,” “intend,” “estimates,” “targets,”
“projects,” “should,” “could,” “would,” “may,” “will,” “forecast”
and other similar expressions are intended to identify
forward-looking statements. These statements include, but are not
limited to, those related to the expected gross proceeds from the
offering, the intended use of proceeds and the closing date of the
offering. Forward-looking statements are predictions, projections
and other statements about future events that are based on current
expectations and assumptions and, as a result, are subject to risks
and uncertainties. Many factors could cause actual future events to
differ materially from the forward-looking statements in this press
release, including but not limited to, factors related to market
conditions, the closing date of the offering and Wag!’s ability to
further develop and advance its pet service offerings and achieve
scale. You should carefully consider the foregoing factors and the
other risks and uncertainties described in the “Risk Factors”
section of the preliminary prospectus supplement and the
accompanying prospectus, Wag!’s filings with the SEC, including
Wag!’s Annual Report on Form 10-K and Quarterly Reports on Form
10-Q. Forward-looking statements speak only as of the date they are
made. Readers are cautioned not to put undue reliance on
forward-looking statements, and Wag! assumes no obligation and does
not intend to update or revise these forward-looking statements,
whether as a result of new information, future events, or
otherwise, except as required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20240717028531/en/
Media: Media@wagwalking.com
Investor Relations Wag!: IR@wagwalking.com Gateway for
Wag!: PET@gateway-grp.com
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