SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
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|Item 8.01|| |
Underwritten Public Offering
On April 1, 2021, the Company entered into an underwriting agreement (the “Underwriting Agreement”) with Deutsche Bank Securities Inc., Goldman Sachs & Co., LLC, and Morgan Stanley & Co. LLC as representatives of the several underwriters named therein (the “Underwriters”) and the selling stockholders named therein (collectively, the “Selling Stockholders”). Pursuant to the terms of the Underwriting Agreement, the Selling Stockholders have agreed to sell, and the Underwriters have agreed to purchase, subject to and on the conditions set forth therein, an aggregate of 10,350,000 shares of the Company’s common stock (which amount includes shares of the Company’s common stock sold pursuant to the exercise of the option to purchase additional shares granted to the Underwriters by the Selling Stockholders). The Company will not receive any proceeds from the sale of shares by the Selling Stockholders.
The Underwriting Agreement contains customary representations, warranties and agreements by the Company and the Selling Stockholders, customary conditions to closing, indemnification obligations of the Company, the Selling Stockholders and the Underwriters, including for liabilities under the Securities Act of 1933, as amended (the “Securities Act”), other obligations of the parties and termination provisions.
The offering is being made pursuant to the Company’s registration statement (the “Registration Statement”) on Form S-1, which was declared effective by the Securities and Exchange Commission on April 1, 2021, including the prospectus dated March 29, 2021 contained therein, the prospectus supplement dated April 1, 2021, and the Registration Statement on Form S-1, filed on April 1, 2020 pursuant to the Rule 462(b) of the Securities Act of 1933, as amended (the “Securities Act”).
On March 29, 2021, the Company entered into a Stock Repurchase Agreement (the “Repurchase Agreement”) to repurchase from the Selling Stockholders an aggregate of 612,745 shares of the Company’s common stock totaling $20.0 million at the same per share price paid by the Underwriters to the Selling Stockholders in the offering described above.
The Underwriting Agreement and the Repurchase Agreement are filed as Exhibits 1.1 and 10.2, respectively, to this Current Report on Form 8-K and are incorporated herein by reference. The above descriptions of the terms of the Underwriting Agreement and Repurchase Agreement are qualified in their entirety by reference to such exhibits.
|Item 9.01.|| |
Financial Statements and Exhibits.
|1.1||Underwriting Agreement, dated as of April 1, 2021, by and among Open Lending Corporation, the Selling Stockholders and Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC and Morgan Stanley & Co., LLC as representatives to the several Underwriters named therein.|
|10.1||Stock Repurchase Agreement, dated as of March 29, 2020, by and between Open Lending Corporation and the stockholders listed therein.|
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|OPEN LENDING CORPORATION|
|Name:||Charles D. Jehl|
|Title:||Chief Financial Officer|
Date: April 1, 2021