Public Offering Announcement: Perella Weinberg Partners (PWP) stock Continues Going Down

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On January 13, Perella Weinberg Partners (PWP) announced the initiation of a public offering of its common stock shares. Consequently, the stock declined by a further 5.38% in the after-market session.

During the previous regular session, the stock moved between $13.22 and $12.74 at 268.16K shares exchanging. PWP closed the session at $12.82, with a loss of 1.08% on Thursday. Following the announcement, the stock went down to $12.13 in the after-hours.

The leading global independent advisory firm, Perella Weinberg Partners has a market capitalization of $1.2 billion. Currently, the company has 42.65 million shares outstanding in the market. Moreover, the stock has lost 0.31% year to date while it gained 5.34% last year.

PWP’s Public Offering

As per Thursday’s announcement, the company has offered 3,502,033 of its Class A common stock shares in a public offering. Further, the acting underwriter for the offering is JMP Securities LLC.

In addition, PWP intends to use the proceeds from the offering for the purchase of some outstanding units and stock from certain non-employee holders. This includes: firstly, the purchase of outstanding PWP Holdings LP Class A partnership units. Secondly, the purchase of outstanding shares of the company’s Class B common stock. Subsequently, no proceeds from the offering will be retained by the company.

Recent Presentation

Recently, the company participated in the Goldman Sachs 2021 U.S. Financial Services Conference. The conference took place on Tuesday, December 07, 2021. As per the announcement, PWP’s Chairman and Chief Executive Officer, Peter Weinberg presented at the conference.

PWP’s Financial Analysis

On November 04, 2021, the firm declared its financial results for the third quarter of 2021.

According to the results, PWP generated revenues of $177.4 million in the third quarter of 2021. Comparatively, the revenues in the third quarter of 2020 were $122.8 million.

Furthermore, the GAAP net loss was $9.5 million ($0.09/diluted Class A share), and adjusted net income was $28.9 million ($0.26/diluted if-converted Class A shares) in the third quarter of 2021. This compares to GAAP net loss of $1.1 million and adjusted net income of $7.7 million in Q3 of 2020.

Quarterly Dividend

As announced with the results, PWP’s board also approved a quarterly dividend of $0.07 per its Class A common stock share. Additionally, the dividend was payable to record Class A common stockholders of December 03, 2021, on December 17, 2021.

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