Exhibit 99.1
Solo Brands, Inc. Announces Pricing of Secondary Offering of Class A Common Stock
GRAPEVINE, Texas, May 11, 2023 – Solo Brands, Inc. (NYSE: DTC) (“Solo Brands” or the “Company”), an omni-channel platform of beloved brands Solo Stove, Chubbies, Oru Kayak, and ISLE, today announced the pricing of the underwritten public offering of 11,304,348 shares of Solo Brands’ Class A common stock by certain selling stockholders (the “Secondary Offering”), at a price to the public of $5.25 per share. The underwriters will also have a 30-day option to purchase up to an additional 1,695,652 shares of Solo Brands’ Class A common stock from the selling stockholders. The Secondary Offering is expected to close on May 16, 2023, subject to customary closing conditions.
Solo Brands is not selling any shares of Class A common stock in the Secondary Offering and will not receive any proceeds from the sale of shares by the selling stockholders.
BofA Securities, Inc. and Jefferies LLC are acting as joint book-running managers.
A registration statement relating to the Secondary Offering has been filed with the Securities and Exchange Commission and was declared effective on April 28, 2023. The Secondary Offering is being made only by means of a prospectus supplement. Copies of the final prospectus supplement relating to the Secondary Offering, when available, may be obtained from BofA Securities Inc., Attn: Prospectus Department, NC1-022-02-25, 201 North Tryon, Charlotte, NC 28255-0001, or by email at dg.prospectus_requests@bofa.com and Jefferies LLC, Attn: Equity Syndicate Prospectus Department, 520 Madison Avenue, New York, NY 10022, by telephone at (877) 821-7388, or by email at Prospectus_Department@jefferies.com.
On May 10, 2023, the Company entered into a stock purchase agreement with the selling stockholders to repurchase 5,605,509 of the Company’s shares of Class A common stock from the selling stockholders in a private transaction (the “Share Purchase”). The Share Purchase is subject to the completion of the Secondary Offering and is expected to close concurrently with the Secondary Offering. The closing of the Secondary Offering is not contingent on the closing of the Share Purchase.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Solo Brands, Inc.
Solo Brands, headquartered in Grapevine, TX, develops and produces ingenious lifestyle products that help customers create lasting memories. Through an omni-channel distribution model that leverages e-commerce, strategic wholesale relationships and physical retail stores, Solo Brands offers innovative products to consumers through four lifestyle brands – Solo Stove, known for its firepits, stoves, and accessories, Chubbies, a premium casual apparel and activewear brand, Oru Kayak, innovator of origami folding kayaks, and ISLE, maker of inflatable and hard paddle boards and accessories.
