Dutch Bros Inc. (BROS) Prices 11.54M Share Offering at $26/sh

Dutch Bros Inc. (NYSE: BROS) today announced the pricing of an underwritten offering of 11,538,461 shares of its Class A Common Stock at a price to the public of $26.00 per share. The gross proceeds from this offering are expected to be approximately $300 million, before deducting underwriting discounts and commissions and other offering expenses payable by Dutch Bros, and assuming no exercise of the underwriters’ option to purchase additional shares. The offering is expected to close on or about September 12, 2023, subject to the satisfaction of customary closing conditions. All of the shares of Class A Common Stock are being offered by Dutch Bros. Dutch Bros has also granted the underwriters a 30-day option to purchase up to an additional 1,730,769 shares of common stock in connection with this offering.

BofA Securities, J.P. Morgan and Jefferies are acting as lead book-running managers for this offering. Barclays, Piper Sandler, Baird, TD Cowen, William Blair and Stifel are acting as book-running managers for the offering.

The Class A Common Stock is being offered by Dutch Bros pursuant to an automatic shelf registration statement on Form S-3 that was filed by Dutch Bros with the U.S. Securities and Exchange Commission (the “SEC”) on September 6, 2023 and automatically became effective upon filing. A preliminary prospectus supplement and accompanying prospectus relating to and describing the terms of the offering have been filed with the SEC, and a final prospectus supplement and accompanying prospectus relating to and describing the terms of the offering will be filed with the SEC and will be available on the SEC’s website at www.sec.gov. Copies of the final prospectus supplement and accompanying prospectus, when available, may be obtained by contacting BofA Securities by email at [email protected] (or via mail at BofA Securities, NC1-022-02-25, 201 North Tryon Street, Charlotte, NC 28255-0001, Attn: Prospectus Department), J. P. Morgan Securities LLC at (866) 803-9204 or by email at pros [email protected], or Jefferies LLC at (877) 821-7388 or by email at [email protected].

This press release shall 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 other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

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