First Watch Restaurant Group (FWRG) said Tuesday it priced an underwritten secondary offering of 8 million of its common shares by certain funds managed by Advent International at $19.95 apiece.
The company intends to close the offering on Wednesday, First Watch said.
The underwriter was also granted a 30-day option to buy up to an additional 1.2 million common shares of the company, it added.
Advent will receive all of the offering's proceeds, while the company is not selling any common shares and will not receive any proceeds from the offering, First Watch said.
Shares of the company were down almost 10% in recent Tuesday trading.
Price: 19.36, Change: -2.06, Percent Change: -9.62
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