Grid Dynamics Holdings, Inc. has announced the pricing of an underwritten public offering of 5,750,000 shares of its common stock at a price to the public of $17.25 per share. The expected net proceeds of the offering after expenses are approximately $93.4 million, intended for working capital, capital expenditures, and other general corporate purposes including acquisitions.
The closing of the offering is expected to occur on November 14, 2024, subject to customary closing conditions. Additionally, Grid Dynamics has granted the underwriters a 30-day option to purchase up to 862,500 additional shares of its common stock.
J.P. Morgan Securities LLC, William Blair & Company, L.L.C., and TD Cowen are acting as joint book-running managers for the offering, while Needham & Company is acting as a co-manager for the offering.
The shares are being offered by Grid Dynamics pursuant to an automatic shelf registration statement on Form S-3 (file no. 333-283149), which became effective upon filing. The offering of the shares will be made only by means of a prospectus supplement and related base prospectus.
Grid Dynamics, a leading provider of technology consulting, platform and product engineering, AI, and digital engagement services, was founded in 2006 and is headquartered in Silicon Valley with offices across the Americas, Europe, and India.
No offer to sell or solicitation of an offer to buy is made in this press release, and there will be no 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. As a result of these announcements, the company's shares have moved -4.3% on the market, and are now trading at a price of $17.3. For the full picture, make sure to review Grid Dynamics's 8-K report.
