Life Time's Record Secondary Offering of Common Stock Unveiled
Life Time Announces Secondary Offering Details
Life Time Group Holdings, Inc. (NYSE: LTH), a prominent player in the health and wellness sector, recently disclosed the pricing of its secondary offering involving 23,000,000 shares of common stock held by various selling stockholders. This offering is set to generate approximately $699,200,000 in gross proceeds, prior to the deduction of underwriting discounts and commissions.
Closing Expectations and Underwriter Role
The completion of the secondary offering is anticipated around the third day of March, contingent upon the fulfillment of standard closing protocols. Notably, all proceeds from this offering will go directly to the selling stockholders, while Life Time itself will not benefit financially from the sale of these shares.
J.P. Morgan and BofA Securities have taken up the crucial role of underwriters for this offering. They plan to sell the shares to investors at a fixed price over a set period, reflecting the strong demand for Life Time’s stock within the market.
Important Registration Information
Life Time has filed an automatic shelf registration statement on Form S-3 with the SEC, which includes a base prospectus. This filing, made effective upon submission, allows the company to streamline its process of offering shares. Investors are encouraged to review the relevant documents, including the prospectus supplement that outlines the terms and details of the current offering.
To ensure transparency, the necessary documentation can be accessed freely through the official SEC website. Interested parties may also obtain the preliminary prospectus from J.P. Morgan Securities LLC in Edgewood, NY, or by contacting BofA Securities directly for additional details regarding this offering.
About Life Time’s Mission and Community Role
Life Time continues to empower individuals to lead healthier, happier lives through its expansive network of over 175 athletic country clubs located throughout the United States and Canada. Serving a diverse clientele, the company embodies a commitment to healthy living through various programs and resources conveyed through the Life Time Digital app.
The organization boasts a vibrant ecosystem that caters to various age groups, from children to seniors, all supported by a dedicated workforce of more than 42,000 professionals. Beyond its club offerings, Life Time also orchestrates nearly 30 premier athletic events annually, further solidifying its reputation within the fitness community.
Looking Ahead at Life Time’s Future
As Life Time proceeds with its secondary offering, all eyes are on the potential implications for future growth and investment strategies. The company’s management has expressed confidence in its projections; however, they acknowledge the inherent risks associated with forward-looking statements. Investors are reminded to approach such predictions with caution, as the market landscape can shift rapidly.
Frequently Asked Questions
What is the purpose of Life Time's secondary offering?
The secondary offering allows selling stockholders to liquidate their shares and generate significant proceeds, while the company does not benefit directly from these sales.
How many shares are being offered in the secondary offering?
A total of 23,000,000 shares of Life Time's common stock are included in the secondary offering.
What is the anticipated closing date for this offering?
The secondary offering is expected to close around the beginning of March, pending the satisfaction of necessary closing conditions.
Who are the underwriters for the offering?
The primary underwriters for this offering are J.P. Morgan and BofA Securities, leading the sale of shares to the public.
What does Life Time's mission focus on?
Life Time focuses on empowering individuals to live healthy lives, offering an integrative approach to fitness through their clubs and digital platforms.
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