Ranpak Holdings Corp. announced the pricing of a registered underwritten public offering of 15,384,616 shares of its Class A common stock at a public offering price of $6.50 per share, for gross proceeds of approximately $100 million.
In addition, Ranpak granted the underwriter a 30-day option to purchase 1,538,461 additional shares, to cover over-allotments, if any.
On Dec. 12, the company announced that the underwriter of its Class A common stock offering had exercised in full its over-allotment option to purchase an additional 1,538,461 shares from Ranpak at $6.50 per share, prior to deducting underwriting discounts and commissions. After giving effect to the exercise of the over-allotment option, total shares sold in the offering are 16,923,077 resulting in gross proceeds for the transaction totaling $110 million. The offering was expected to close on Dec. 13, subject to customary closing conditions.
Concord Township-based Ranpak intends to use the net proceeds of the proposed offering for debt repayment and general corporate purposes. Craig-Hallum Capital Group is acting as sole managing underwriter for the proposed offering.
Founded in 1972, Ranpak's goal was to create the first environmentally responsible system to protect products during shipment. The company has about 550 employees.
