Dutch Bros secondary offering of 8.76M shares closes; sponsor voting power drops to 1.1%

Dutch Bros Inc.

Selling stockholders sold 8,762,700 Class A shares at $39.30/share; company receives no proceeds.
Stockholders Agreement with TSG terminated automatically as Class C/D shares fell below 10% threshold after offering.
Sean Sullivan resigned as Class C Director; no Class C Director will remain.
Class C shares voting power reduced to 1 vote/share; Class D shares converted to Class A; sponsor now holds ~1.1% voting power.
Underwriters have 30-day lock-up on insider sales.

item 1.02 item 5.02 item 8.01 item 9.01

Executive movements

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Departed

Sean Sullivan

Class C Director

BROS · Dutch Bros Inc.

Effective: 2024-06-12
Filed: June 12, 2024, 7:59 PM ET

Upon the closing of the Offering and the resulting reduction in the outstanding shares of Class C common stock and Class D common stock, on June [12], 2024, Sean Sullivan, who served as the remaining Class C Director, resigned from the Board in accordance with the Certificate of Incorporation and the Stockholders Agreement.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Sean Sullivan resigned as Class C Director at Dutch Bros Inc..

Action: resigned
Role: Class C Director

Exact text from the filing

Upon the closing of the Offering and the resulting reduction in the outstanding shares of Class C common stock and Class D common stock, on June [12], 2024, Sean Sullivan, who served as the remaining Class C Director, resigned from the Board in accordance with the Certificate of Incorporation and the Stockholders Agreement.

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Dutch Bros Inc. filing history →

Source: SEC EDGAR

accession 0001628280-24-027868

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