SÃO PAULO, Brazil, Oct. 29, 2019 (GLOBE NEWSWIRE) — Arco Platform Limited, or Arco (NASDAQ:ARCE), announced today that it closed an underwritten public offering of 7,719,503 Class A common shares at a public offering price of US$43.00. Arco issued and sold 3,450,656 Class A common shares, and certain selling shareholders of Arco (the “Selling Shareholders”), including General Atlantic Arco (Bermuda), L.P. (“GA”), sold 4,268,847 Class A common shares. Arco estimates the net proceeds to it from the offering to be approximately US$143.9 million, after deducting underwriting discounts and commissions (before expenses). Arco will not receive any proceeds from the sale of Class A common shares by the Selling Shareholders.
Goldman Sachs & Co. LLC, Morgan Stanley, Itau BBA USA Securities, Inc., BTG Pactual and BofA Securities acted as global coordinators and Goldman Sachs & Co. LLC, Morgan Stanley and Itau BBA USA Securities, Inc. acted as representatives of the underwriters in this public offering. Additionally, Credit Suisse and Bradesco BBI acted as joint bookrunners.
The offering was made only by means of a prospectus and related prospectus supplement forming part of a shelf registration statement on Form F-3 that was previously filed with and declared effective by the Securities and Exchange Commission (“SEC”) on October 21, 2019. The preliminary prospectus supplement and accompanying base prospectus relating to the offering were filed with the SEC on October 23, 2019. The final prospectus supplement and the accompanying prospectus were filed with the SEC on October 25, 2019 and are available on the SEC’s website located at http://www.sec.gov, copies of which may be obtained from Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, New York 10282, telephone: 1-866-471-2526, or by emailing email@example.com; Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014; Itau BBA USA Securities, Inc., 540 Madison Avenue 24th Floor, New York, New York 10022, Attention: Equity Sales Desk, telephone: 1-212-710-6756 or by emailing firstname.lastname@example.org; Banco BTG Pactual S.A.–Cayman Branch, Attention: Prospectus Department, 601 Lexington Avenue, 57th Floor, New York, NY 10022, email: OL-BTGPactual-ProspectusDepartment@btgpactual.com; or BofA Securities, Attention: Prospectus Department, NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte NC 28255-0001, or by emailing email@example.com.
This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor will there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
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This press release includes “forward-looking statements” within the meaning of the U.S. federal securities laws. Statements contained herein that are not clearly historical in nature are forward-looking, and the words “anticipate,” “believe,” “continues,” “expect,” “estimate,” “intend,” “project” and similar expressions and future or conditional verbs such as “will,” “would,” “should,” “could,” “might,” “can,” “may,” or similar expressions are generally intended to identify forward-looking statements. These forward-looking statements speak only as of the date hereof and are based on Arco’s current plans, estimates of future events, expectations and trends that affect or may affect our business, financial condition, results of operations, cash flow, liquidity, prospects and the trading price of our Class A common shares, and are subject to several known and unknown uncertainties and risks, many of which are beyond Arco’s control. As a consequence, current plans, anticipated actions and future financial position and results of operations may differ significantly from those expressed in any forward-looking statements in this press release. You are cautioned not to unduly rely on such forward-looking statements when evaluating the information presented. None of Arco or the Global Coordinators undertakes any obligation to update publicly or to revise any forward-looking statements after we distribute this press release because of new information, future events or other factors. Our independent public auditors have neither examined nor compiled the forward-looking statements and, accordingly, do not provide any assurance with respect to such statements. In light of the risks and uncertainties described above, the future events and circumstances discussed in this press release might not occur and are not guarantees of future performance. Because of these uncertainties, you should not make any investment decision based upon these estimates and forward-looking statements.
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