Summary by Moomoo AI
Chewy announced a $500 million public offering of Class A common stock by Buddy Chester Sub LLC, an entity affiliated with BC Partners, Chewy's largest shareholder. The underwriters have a 30-day option to purchase an additional $75 million of shares. Chewy will not receive any proceeds from the sale.Concurrently, Chewy agreed to repurchase $50 million of Class A common stock from the selling stockholder at the same price as the public offering. This repurchase, approved by a special committee of independent directors, is separate from Chewy's existing $500 million share repurchase program. The repurchased shares will be cancelled and retired.Barclays is acting as the sole underwriter for the offering. The transaction is subject to market conditions and regulatory approvals. Chewy has filed a registration statement with the SEC, and a preliminary prospectus supplement will be available on the SEC's website.
