- Exercise in Full of Underwriters’ Option to Purchase Additional Shares
- Share Purchases by Founders in the Offering
WEST PALM BEACH, Fla., Sept. 21, 2016 (GLOBE NEWSWIRE) -- Platform Specialty Products Corporation (NYSE:PAH) (“Platform”) today announced the closing of its previously-announced underwritten public offering of 48,787,878 shares of its common stock at a public offering price of $8.25 per share. This number includes 6,363,636 shares sold to the underwriters upon exercise in full of their option to purchase additional shares. This offering resulted in gross proceeds to Platform of approximately $402.5 million, before deducting underwriting discounts and commissions and offering expenses payable by Platform. All of the shares of common stock sold in the offering were sold by Platform. In connection with the offering, Platform’s Chairman, Martin E. Franklin, and Berggruen Holdings, Ltd. each purchased 1,050,000 shares of Platform’s common stock. Nicolas Berggruen, a director of Platform, is one of the directors of Berggruen Holdings, Ltd.
Platform intends to use the net proceeds from the offering for general corporate purposes, including, but not limited to, the alternative settlement of certain obligations relating to Platform’s shares of Series B convertible preferred stock.
Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and UBS Securities LLC acted as joint book-running managers for the offering. Nomura Securities International, Inc., Deutsche Bank Securities Inc., HSBC Securities (USA) Inc., Citizens Capital Markets, Inc., Credit Agricole Securities (USA) Inc., Morgan Stanley & Co. LLC, BTIG, LLC and CJS Securities, Inc., acted as co-managers for the offering.
A shelf registration statement on Form S-3 relating to the shares of common stock offered in the public offering described above was filed with the Securities and Exchange Commission (the “SEC”) on July 12, 2016, and declared effective by the SEC on July 26, 2016. The offering of the shares of common stock was made only by means of a prospectus supplement. A final prospectus supplement, dated September 15, 2016, and the accompanying prospectus related to the offering are available on the SEC’s website at http://www.sec.gov. Copies of the final prospectus supplement and the accompanying prospectus may also be obtained from Credit Suisse at Credit Suisse Securities (USA) LLC, Attention: Prospectus Department, One Madison Avenue, New York, NY 10010, telephone: 1-800-221-1037, email: firstname.lastname@example.org.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy the securities, nor shall 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.
Platform is a global, diversified producer of high-technology specialty chemicals and a provider of technical services. The business involves the formulation of a broad range of solutions-oriented specialty chemicals, which are sold into multiple industries, including agricultural, animal health, electronics, graphic arts, plating, and offshore oil and gas production and drilling.
This press release contains forward-looking statements, including, but not limited to, statements regarding Platform's use of proceeds of this offering. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, market and other general economic conditions and Platform's future availability of equity or debt financing needed to fund its growing business. These forward-looking statements are made as of the date of this press release and Platform assumes no obligation to update such forward-looking statements or to update the reasons why actual results could differ from those projected in such forward-looking statements. Investors should refer to the risk factors set forth in the registration statement filed by Platform with the SEC on July 12, 2016, as amended and/or supplemented, and periodic reports and other documents filed by Platform with the SEC, including Platform's annual report on Form 10-K for the fiscal year ended December 31, 2015, and its quarterly reports on Form 10-Q for the fiscal quarters ended March 31, 2016 and June 30, 2016.
CONTACT: Investor Relations Contact: Carey Dorman Director — Corporate Development Platform Specialty Products Corporation 1-561-406-8465 Media Contact: Liz Cohen Weber Shandwick 1-212-445-8044
Source:Platform Specialty Products Corporation