Paycor Announces Pricing of Offering of Common Stock by Selling Stockholders
March 07 2024 - 5:00AM
Paycor HCM, Inc. (Nasdaq: PYCR) (“Paycor”), a leading provider of
human capital management (HCM) software, today announced the
pricing of an underwritten public offering of 8,000,000 shares of
common stock on behalf of investment funds advised by Apax Partners
LLP at a price to the public of $20.15 per share. The offering
consists of 5,651,106 shares offered by Pride Feeder, LP and
2,348,894 shares offered by AIX Pride Syndication L.P.,
respectively. Each of the selling stockholders are controlled by
investment funds advised by Apax Partners LLP. Paycor will not
receive any of the proceeds from the sale of the shares being
offered by the selling stockholders but will bear the costs
associated with the sale of such shares, other than any
underwriting discounts and commissions. The offering is expected to
close on March 11, 2024, subject to customary closing conditions.
Goldman Sachs & Co. LLC is acting as underwriter for the
offering.
Pride Aggregator, LP will distribute 11,038,476 shares of
Paycor’s common stock to its limited partners prior to the closing
of the offering, including the selling stockholders. Of the
11,038,476 shares that will be distributed, (i) 8,000,000 shares
will be offered for sale in the offering, (ii) 2,517,635 shares
that are not being offered for sale in the offering will be subject
to a 30-day lock-up and (iii) 520,841 shares that are not being
offered for sale in the offering will be distributed among
approximately 80 limited partners who will not be subject to
lock-ups.
The offering of common stock is being made pursuant to the
Company’s shelf registration statement on Form S-3 filed with the
Securities and Exchange Commission (“SEC”) and declared effective.
Before you invest, you should read the prospectus in that
registration statement and other documents the Company has filed
with the SEC for more complete information about the Company and
this offering. The offering may be made only by means of a
prospectus and a free writing prospectus. A copy of the prospectus
and the free writing prospectus relating to this offering may be
obtained, when available, by visiting the SEC’s website at
www.sec.gov. Alternatively, the prospectus and the free writing
prospectus may be obtained from: Goldman Sachs & Co. LLC,
Prospectus Department, 200 West Street, New York, NY 10282,
telephone: 1-866-471-2526, facsimile: 212-902-9316 or by emailing
Prospectus-ny@ny.email.gs.com.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy these securities, nor shall there
be any offer or sale of these securities in any state or
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 jurisdiction.
Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. These forward-looking statements reflect Paycor’s current
intentions, expectations or beliefs regarding the common stock
offering. These statements may be preceded by, followed by or
include the words “aim,” “anticipate,” “believe,” “estimate,”
“expect,” “forecast,” “intend,” “likely,” “outlook,” “plan,”
“potential,” “project,” “projection,” “seek,” “can,” “could,”
“may,” “should,” “would,” “will,” the negatives thereof and other
words and terms of similar meaning. Forward-looking statements
include all statements that are not historical facts. Such
forward-looking statements are subject to various risks and
uncertainties. Accordingly, there are or will be important factors
that could cause actual outcomes or results to differ materially
from those indicated in these statements. There is no assurance
that any forward-looking statements will materialize. You are
cautioned not to place undue reliance on forward-looking
statements, which reflect expectations only as of this date. Paycor
does not undertake any obligation to publicly update or review any
forward-looking statement, whether as a result of new information,
future developments, or otherwise.
About Paycor
Paycor’s human capital management (HCM) platform modernizes
every aspect of people management, from recruiting, onboarding, and
payroll to career development and retention, but what really sets
us apart is our focus on leaders. For more than 30 years, we’ve
been listening to and partnering with leaders, so we know what they
need: a unified HR platform, easy integration with third party
apps, powerful analytics, talent development tools, and
configurable technology that supports specific industry needs.
That’s why more than 30,000 customers trust Paycor to help them
solve problems and achieve their goals.
Investor Relations:
Rachel White513-954-7388IR@paycor.com
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