Landsea Homes Announces Pricing of Secondary Common Stock Offering

DALLAS, March 06, 2024 (GLOBE NEWSWIRE) -- Landsea Homes Corporation (Nasdaq: LSEA) (“Landsea Homes” or the “Company”), a publicly traded residential homebuilder, announced today the pricing of the previously announced underwritten secondary offering by its largest stockholder, Landsea Holdings Corporation (the “Selling Stockholder”) of 2,434,783 shares of the Company’s common stock, at a price of $11.60 per share (before underwriting discounts and commissions) (the “Offering”). The Selling Stockholder has granted the underwriters a 30-day option to purchase up to 365,217 additional shares of the Company's common stock. The Offering is expected to close on March 8, 2024, subject to the satisfaction of customary closing conditions.

B. Riley Securities and BofA Securities are acting as joint bookrunning managers in the Offering. BTIG and Wedbush Securities are acting as co-managers in the Offering.

The Company is not offering any shares of its common stock in the Offering and will not receive any of the proceeds from the sale of the shares offered by the Selling Stockholder. The Company also expects certain members of its senior management team and board of directors and a family member of our Chairman will purchase up to an aggregate of $915,000 in shares of its common stock being offered by the Selling Stockholder in the Offering, at a price equal to the per share Offering price.

A shelf registration statement on Form S-3 (including a prospectus) relating to these securities has been filed with and declared effective by the Securities and Exchange Commission (the "SEC"). The Offering is being made solely by means of a prospectus supplement and the accompanying prospectus. Copies of the final prospectus supplement and the accompanying prospectus relating to the Offering may be obtained by contacting B. Riley Securities, Inc., 1300 17th Street North, Suite 1300, Arlington, VA 22209, by telephone at 1-703-312-9580 or by e-mail at [e-mail] or BofA Securities, NC1-022-02-25, 201 North Tryon Street, Charlotte, NC 28255-0001, Attn: Prospectus Department, Email: [e-mail].

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of any securities in any state or jurisdiction in which such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.