Summary by Moomoo AI
Chewy announced the pricing of a public offering of 15,852,886 Class A common shares by Buddy Chester Sub LLC, an entity affiliated with BC Partners. The offering includes an option for the underwriter to purchase up to 2,377,932 additional shares. Chewy will not receive any proceeds from the sale.Concurrently, Chewy agreed to repurchase $50 million of its Class A common stock from the selling stockholder at the same price as the offering. This repurchase, approved by a special committee of independent directors, is separate from Chewy's existing $500 million share repurchase program. Post-transaction, Chewy will have approximately 178 million Class A and 229 million Class B shares outstanding.The offering and repurchase are expected to close by December 13, 2024, subject to conditions. Barclays is the sole underwriter for the offering. Chewy has filed a registration statement with the SEC, and a prospectus will be available on the SEC's website.