The Lovesac Company (NASDAQ: LOVE) has completed an underwritten public offering of 2,875,000 shares of its common stock. According to the update, the offering resulted in gross proceeds of approximately $103.5 million, which Lovesac intends to use for increased sales and marketing expenses, product development, working capital and other general corporate purposes. The offering consisted of 750,000 Lovesac-offered shares and 2,125,000 shares by certain selling stockholders of Lovesac, including 375,000 shares per the full exercise of the over-allotment option. The shares were sold at the public offering price of $36.00 per share. ROTH Capital Partners acted as joint book-running manager for the offering.
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About The Lovesac Company
Based in Stamford, Connecticut, The Lovesac Company is a direct-to-consumer specialty furniture brand with over 75 retail showrooms supporting its ecommerce delivery model. Lovesac’s name comes from its original Durafoam filled beanbags called Sacs. The Company derives a majority of its current sales from its proprietary platform called Sactionals, a washable, changeable, reconfigurable, and FedEx-shippable solution for large upholstered seating. Founder and CEO, Shawn Nelson’s, “Designed for Life” philosophy emphasizes sustainable products that are built to last a lifetime and designed to evolve with the customer’s needs, providing long-term utility and ultimately reducing the amount of furniture discarded into landfills. For more information, please visit www.LoveSac.com.
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