Sterling Announces Closing of – GuruFocus.com

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NEW YORK, September 27, 2021 (GLOBE NEWSWIRE) – Sterling Check Corp. (“Sterling”) today announced the closing of its initial public offering for a total of 16,427,750 common shares at a public price of $ 23.00 per share, including full exercise by the lessees. closes their option to purchase up to 2,142,750 additional common shares. Of the shares offered, 4,760,000 were sold by Sterling and 11,667,750 were sold by some of Sterling’s existing shareholders. The net proceeds of the Offer to Sterling, after deducting any subscription rebates and commissions and the estimated offering fees payable by Sterling, were approximately $ 94.4 million. Sterling intends to use the net proceeds, together with available cash, to repay approximately $ 100.0 million outstanding on its term loan. Sterling did not receive any proceeds from the sale of the shares by the selling shareholders. Sterling common stock began trading on the Nasdaq Global Select Market on September 23, 2021 under the symbol “STER”.

Goldman Sachs & Co. LLC, JP Morgan and Morgan Stanley acted as lead book managers for the offering. Baird, William Blair, KeyBanc Capital Markets, Wolfe | Nomura Strategic Alliance and Stifel acted as book managers for the offer. ING and R. Seelaus & Co., LLC acted as co-managers of the Offer.

The offer was made only by means of a prospectus. Copies of the final prospectus relating to the offering can be obtained by contacting Goldman Sachs & Co. LLC, Attn: Prospectus Department, 200 West Street, New York, NY 10282, by telephone at (866) 471-2526 or by e- mail to [email protected]; JP Morgan Securities LLC, c / o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by phone at (866) 803-9204 or by email at[email protected]; or Morgan Stanley & Co. LLC, Attn: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014.

A registration statement relating to these securities was declared effective by the Securities and Exchange Commission on September 22, 2021. This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, and nor will there be any sale of such securities in any state or jurisdiction in which such offering, solicitation or sale would be illegal prior to registration or qualification under the securities laws of that state or jurisdiction.

Forward-looking statements

This press release contains forward-looking statements. You can generally identify forward-looking statements by using forward-looking terminology such as “aim”, “anticipate”, “believe”, “continue”, “could”, “estimate”, “expect”, “intend” , “May”, “could”, “, terminology. In particular, statements regarding the intended use of the proceeds from the offering are forward-looking statements. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those described under “Risk Factors” in Sterling’s registration statement relating to the Common Shares. Any forward-looking statement that Sterling makes in this press release speaks only as of the date of such statement. Except as required by law, Sterling assumes no obligation to update or revise, or publicly announce an update or revision of any of the forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this press release.

About Sterling

Sterling, a leading provider of background and identity services, offers background and identity verification to help more than 40,000 clients create people-centered cultures built on trust and trust. security. Sterling’s technology services help organizations across all industries create quality environments for their employees, partners and customers. With a presence worldwide, Sterling performs over 75 million background checks each year.

Contacts

Jamie Serino
Sterling
[email protected]

Where

Noelle Amos
Edelman
[email protected]

Investor contact
[email protected]


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