{"id":684836,"date":"2022-09-13T14:23:05","date_gmt":"2022-09-13T18:23:05","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/portillos-inc-announces-partial-exercise-and-closing-of-underwriters-over-allotment-option-in-previously-disclosed-synthetic-secondary-offering\/"},"modified":"2022-09-13T14:23:05","modified_gmt":"2022-09-13T18:23:05","slug":"portillos-inc-announces-partial-exercise-and-closing-of-underwriters-over-allotment-option-in-previously-disclosed-synthetic-secondary-offering","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/portillos-inc-announces-partial-exercise-and-closing-of-underwriters-over-allotment-option-in-previously-disclosed-synthetic-secondary-offering\/","title":{"rendered":"Portillo\u2019s Inc. Announces Partial Exercise and Closing of Underwriters&#8217; Over-Allotment Option in Previously-Disclosed Synthetic Secondary Offering"},"content":{"rendered":"<div class=\"mw_release\">\n<p align=\"left\">OAK BROOK, Ill., Sept.  13, 2022  (GLOBE NEWSWIRE) &#8212; Portillo\u2019s Inc. (\u201cPortillo\u2019s\u201d) (Nasdaq: PTLO), the fast-casual restaurant concept known for its menu of Chicago-style favorites, today announced the partial exercise of the underwriters\u2019 over-allotment option related to the previously-disclosed synthetic secondary offering announced on August 8, 2022 and closed on August 16, 2022. At close of the 30-day option period, the underwriters elected to purchase an additional 66,458 of Portillo\u2019s Class A common stock at the public offering price of $23.75. Following the partial option exercise, the total number of Class A shares sold by the Company in the synthetic secondary offering increased to 8,066,458.<\/p>\n<p>Pre- and post-offering share counts for Portillo\u2019s Class A common stock and Class B common stock are listed below (excluding shares issued pursuant to the exercise of employee options between August 16, 2022 and September 13, 2022):<\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>Pre-Offering<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>At Initial Closing <\/strong><br \/>\n            <br \/>\n            <strong>(Aug 16, 2022)<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>Post-Option Closing <\/strong><br \/>\n            <br \/>\n            <strong>(Sept. 13, 2022)<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:16%;width:16%;min-width:16%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>Class A<\/strong>\n          <\/td>\n<td style=\"max-width:17%;width:17%;min-width:17%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>Class B<\/strong>\n          <\/td>\n<td style=\"max-width:16%;width:16%;min-width:16%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>Class A<\/strong>\n          <\/td>\n<td style=\"max-width:17%;width:17%;min-width:17%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>Class B<\/strong>\n          <\/td>\n<td style=\"max-width:17%;width:17%;min-width:17%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>Class A<\/strong>\n          <\/td>\n<td style=\"max-width:17%;width:17%;min-width:17%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>Class B<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">36,218,355<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">35,673,321<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">42,111,955<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">29,779,721<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">42,160,914<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">29,730,762<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: middle\">Total<\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: middle\">Total<\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: middle\">Total<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">71,891,676<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">71,891,676<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">71,891,676<\/td>\n<\/tr>\n<\/table>\n<p>The offering closed on September 13, 2022.<\/p>\n<p>Portillo\u2019s intends to use all of the net proceeds from this offering to purchase LLC Units or shares of Class A common, as applicable, of the selling stockholders in a \u201csynthetic secondary\u201d transaction, at a price per LLC Unit or share of Class A common stock, as applicable, equal to the public offering price per share of Class A common stock in this offering, less the underwriting discounts and commissions. As a result, Portillo\u2019s will not receive any proceeds from this offering. Jefferies, Morgan Stanley, BofA Securities and Piper Sandler acted as lead joint book-running managers and representatives for the proposed offering. Baird, UBS Investment Bank and William Blair also acted as lead book-running managers for the proposed offering. Guggenheim Securities, Stifel, Loop Capital Markets and Ramirez &amp; Co., Inc. acted as co-managers for the proposed offering.<\/p>\n<p>The offering was made only by means of a prospectus. A copy of the final prospectus may be obtained from the Securities and Exchange Commission (\u201cSEC\u201d) at www.sec.gov, and copies of the final prospectus may be obtained from: 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; Morgan Stanley &amp; Co. LLC, Attn: Prospectus Department, 180 Varick Street, New York, NY 10014; BofA Securities, Attn: Prospectus Department, NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte NC 28255-0001, or by email at dg.prospectus_requests@bofa.com; or Piper Sandler &amp; Co., Prospectus Department, 800 Nicollet Mall, J12S03, Minneapolis, MN 55402, by telephone at (800) 747-3924, or by email at prospectus@psc.com.<\/p>\n<p>A registration statement relating to these securities has been filed with, and declared effective by, the SEC. This press release does 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.<\/p>\n<p>\n        <strong>About Portillo\u2019s <\/strong><br \/>\n        <br \/>In 1963, Dick Portillo invested $1,100 into a small trailer to open the first Portillo\u2019s hot dog stand in Villa Park, IL, which he called \u201cThe Dog House.\u201d Since, Portillo\u2019s has grown to include 71 restaurants across nine states. Portillo\u2019s is best known for its Chicago-style hot dogs, Italian beef sandwiches, char-grilled burgers, fresh salads and famous chocolate cake. Portillo\u2019s Home Kitchen is the company\u2019s fast-growing catering business. Portillo\u2019s also ships food to all 50 states via its website.<\/p>\n<p>\n        <strong>Investor Contact<\/strong><br \/>\n        <br \/>Barbara Noverini, CFA <br \/><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=sQSwx_dbqOBkoUITnOHmCjY9qDkgf2Kg_y2zYhnZFb76TIj8HxxoZBowtpRcuCiDOknhcO8r1lwXQXOkxSWYMz2HqtQSEo3mAJ9Bg2L6uD4=\" rel=\"nofollow noopener\" target=\"_blank\">Investors@portillos.com<\/a><\/p>\n<p>\n        <strong>Media Contact <\/strong><br \/>\n        <br \/>ICR, Inc. <br \/><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=JAPlQAm6TJde19ohYM4uJadXizxt113wgHdSmVbop1r396pa5ruhc9DKGehoAXtTNKmJkJ1TURlSIONms7XbMPmWKP1WyKGM0kwFRW-Rm3c=\" rel=\"nofollow noopener\" target=\"_blank\">PortillosPR@icrinc.com<\/a><\/p>\n<p \/>\n      <img decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODY0NTk1NCM1MTUxMDg0IzIyMjE1NDU=\" \/><br \/>\n      <br \/>\n      <img decoding=\"async\" src=\"https:\/\/ml.globenewswire.com\/media\/NjkzMjhlYTYtNTA1ZS00MWNlLTg0OGItZDU4YWMxZDdjODBhLTEyMzMwOTg=\/tiny\/Portillo-s-Inc-.png\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>OAK BROOK, Ill., Sept. 13, 2022 (GLOBE NEWSWIRE) &#8212; Portillo\u2019s Inc. (\u201cPortillo\u2019s\u201d) (Nasdaq: PTLO), the fast-casual restaurant concept known for its menu of Chicago-style favorites, today announced the partial exercise of the underwriters\u2019 over-allotment option related to the previously-disclosed synthetic secondary offering announced on August 8, 2022 and closed on August 16, 2022. At close of the 30-day option period, the underwriters elected to purchase an additional 66,458 of Portillo\u2019s Class A common stock at the public offering price of $23.75. Following the partial option exercise, the total number of Class A shares sold by the Company in the synthetic secondary offering increased to 8,066,458. Pre- and post-offering share counts for Portillo\u2019s Class A common stock and Class B common &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/portillos-inc-announces-partial-exercise-and-closing-of-underwriters-over-allotment-option-in-previously-disclosed-synthetic-secondary-offering\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Portillo\u2019s Inc. Announces Partial Exercise and Closing of Underwriters&#8217; Over-Allotment Option in Previously-Disclosed Synthetic Secondary Offering&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-684836","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Portillo\u2019s Inc. Announces Partial Exercise and Closing of Underwriters&#039; Over-Allotment Option in Previously-Disclosed Synthetic Secondary Offering - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/portillos-inc-announces-partial-exercise-and-closing-of-underwriters-over-allotment-option-in-previously-disclosed-synthetic-secondary-offering\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Portillo\u2019s Inc. Announces Partial Exercise and Closing of Underwriters&#039; Over-Allotment Option in Previously-Disclosed Synthetic Secondary Offering - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"OAK BROOK, Ill., Sept. 13, 2022 (GLOBE NEWSWIRE) &#8212; Portillo\u2019s Inc. (\u201cPortillo\u2019s\u201d) (Nasdaq: PTLO), the fast-casual restaurant concept known for its menu of Chicago-style favorites, today announced the partial exercise of the underwriters\u2019 over-allotment option related to the previously-disclosed synthetic secondary offering announced on August 8, 2022 and closed on August 16, 2022. At close of the 30-day option period, the underwriters elected to purchase an additional 66,458 of Portillo\u2019s Class A common stock at the public offering price of $23.75. Following the partial option exercise, the total number of Class A shares sold by the Company in the synthetic secondary offering increased to 8,066,458. Pre- and post-offering share counts for Portillo\u2019s Class A common stock and Class B common &hellip; Continue reading &quot;Portillo\u2019s Inc. 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Announces Partial Exercise and Closing of Underwriters' Over-Allotment Option in Previously-Disclosed Synthetic Secondary Offering - Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/portillos-inc-announces-partial-exercise-and-closing-of-underwriters-over-allotment-option-in-previously-disclosed-synthetic-secondary-offering\/","og_locale":"en_US","og_type":"article","og_title":"Portillo\u2019s Inc. Announces Partial Exercise and Closing of Underwriters' Over-Allotment Option in Previously-Disclosed Synthetic Secondary Offering - Market Newsdesk","og_description":"OAK BROOK, Ill., Sept. 13, 2022 (GLOBE NEWSWIRE) &#8212; Portillo\u2019s Inc. (\u201cPortillo\u2019s\u201d) (Nasdaq: PTLO), the fast-casual restaurant concept known for its menu of Chicago-style favorites, today announced the partial exercise of the underwriters\u2019 over-allotment option related to the previously-disclosed synthetic secondary offering announced on August 8, 2022 and closed on August 16, 2022. At close of the 30-day option period, the underwriters elected to purchase an additional 66,458 of Portillo\u2019s Class A common stock at the public offering price of $23.75. Following the partial option exercise, the total number of Class A shares sold by the Company in the synthetic secondary offering increased to 8,066,458. Pre- and post-offering share counts for Portillo\u2019s Class A common stock and Class B common &hellip; Continue reading \"Portillo\u2019s Inc. 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