Dutch Bros dips after announcing secondary share offering

Dutch Bros

11/06/2024 14:20

** Shares of coffee chain Dutch Bros  BROS.N  down 2.9% at
$38.73 before the bell after secondary offering launched
    ** Co late Mon said TSG Consumer Partners to offload ~8.8
mln shares with BofA and Jefferies as jt bookrunners
    ** Private equity firm also effecting in-kind distribution
of 723,813 shares to certain of its limited partners
    ** On offering completion, Sean Sullivan, the remaining
director nominated by TSG, to resign and TSG will no longer have
right to designate a director co's board
    ** BROS has ~177.2 mln shares outstanding, per LSEG data
    ** Shares have surged 40% since co on May 7 posted Q1 rev
beat, and raised 2024 forecasts
    ** YTD, stock up ~26% through Mon

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))