Co-Manager
Open Lending Corporation
Equity Capital Markets
A Portfolio Company of
Bregal Sagemount
Secondary Offering
Transaction Details
- On April 1, 2021, Open Lending Corporation (“Open Lending” or the “Company”) announced the upsizing and pricing of a public offering of 9,000,000 secondary shares of its common stock at a price to the public of $34.00 per share
- All shares are being sold by existing stockholders, including Nebula Holdings, LLC, an entity managed by True Wind Capital, L.P., Bregal Sagemount and certain executive officers of the Company (collectively, the “Selling Stockholders”)
- The Selling Stockholders also granted the underwriters a 30-day option to purchase up to an additional 1,350,000 shares of the Company’s common stock
- Open Lending will not receive any proceeds from the offering
- Subject to completion of the offering, the Company agreed to purchase $20.0 million of common stock from the Selling Stockholders at the same per-share price paid by the underwriters in the offering
About the company
Open Lending (Nasdaq: LPRO) provides loan analytics, risk-based pricing, risk modeling and default insurance to auto lenders throughout the United States. For 20 years the Company has been empowering financial institutions to create profitable auto loan portfolios by saying “yes” to more automotive loans.
Sources: Company filings and press release.
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