Certain Class A Common Stock of Dutch Bros Inc. are subject to a Lock-Up Agreement Ending on 12-JAN-2022.
January 11, 2022
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Certain Class A Common Stock of Dutch Bros Inc. are subject to a Lock-Up Agreement Ending on 12-JAN-2022. These Class A Common Stock will be under lockup for 120 days starting from 14-SEP-2021 to 12-JAN-2022.
Details:
The directors and executive officers, and the holders of substantially all of Class A common stock and securities exercisable for or convertible into Class A common stock outstanding immediately prior to the completion of this offering have agreed, or will agree, with the underwriters that, until the earlier of (1) the opening of trading on the third trading day immediately following the date they have publicly furnished our earnings release for the second quarter following the most recent period for which financial statements are included in this prospectus (so long as such date is at least 120 days from the date of this prospectus), or (2) 180 days from the date of this prospectus, they will not, subject to certain exceptions, sell or transfer any Class A common stock or securities convertible into, exchangeable for, exercisable for or repayable with Class A common stock, for the lock-up period following the date of this prospectus without first obtaining the written consent of BofA Securities, Inc., J.P. Morgan Securities LLC and Jefferies LLC.
Dutch Bros Inc. is an operator and franchiser of drive-thru shops, which is focused on serving hand-crafted beverages. The Company sells a range of customizable hot, iced and blended beverages. Coffee-based beverages include its espresso-based custom drinks, cold brew and its proprietary Freeze blended beverages. Its Private Reserve coffee is a 100% Arabica three-bean blend, roasted in its Grants Pass facility. Its proprietary Blue Rebel energy drink is customizable with flavors and modifiers. It also offers a variety of teas, lemonades, sodas and smoothies. The Company has two segments: Company-operated shops, and Franchising and other. The Company-operated shops segment includes coffee shop sales to customers. The Franchising and other segment includes bean and product sales to franchise partners and includes the initial franchise fees, royalties, and marketing fees. It has approximately 831 shops, of which 542 are operated by the Company and 289 are franchised, across 16 states.