Hyatt Hotels Corporation Announces Exercise of Option to Purchase Additional Shares
Hyatt Hotels Corporation (NYSE: H) announced that in connection with the Company's initial public offering the underwriters have exercised in full their option to purchase 5,700,000 shares of Class A common stock from the Company at the initial public offering price of $25.00 per share.
Hyatt expects to receive net proceeds of approximately $127.3 million from the sale of the shares, after deducting the underwriting discount and estimated offering expenses payable by the Company. Hyatt intends to use the net proceeds primarily for working capital and other general corporate purposes. The option to purchase additional shares was granted in connection with the Company's initial public offering of 38,000,000 shares of Class A common stock to be sold by certain existing stockholders of the Company. Hyatt will not receive any of the proceeds from the sale of shares of Class A common stock by the selling stockholders.
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