Livongo Announces Launch of Proposed Public Offering by Selling Stockholders
MOUNTAIN VIEW, Calif., Dec. 09, 2019 (GLOBE NEWSWIRE) -- Livongo Health, Inc. (Nasdaq: LVGO) today announced plans for the commencement of an underwritten public offering of 2,777,327 shares of
common stock by certain selling stockholders. Such selling stockholders also intend to grant the underwriters a 30-day option to purchase up to an additional 416,598 shares of common stock at the
public offering price, less underwriting discounts and commissions. Livongo will not receive any of the proceeds from the proposed sale of the shares of its common stock being offered by the
selling stockholders, and will bear the costs associated with the cost of such transaction, other than underwriting discounts and commissions. The proposed offering is subject to market and
other conditions, and there can be no assurance as to whether or when the proposed offering may be completed.
In connection with the proposed offering, the selling stockholders, Livongo, and Livongo’s executive officers, directors and certain significant holders of its common stock including General Catalyst, Kinnevik, and 7Wire Ventures, have agreed, subject to certain exceptions, not to sell any of Livongo’s common stock for 90 days following the date of the prospectus relating to the proposed offering. While Livongo’s executive officers are not participating in the proposed offering, some of the executive officers have or will enter into trading plans which meet the requirements set forth in Securities Exchange Act Rule 10b5-1, and Livongo anticipates that sales under such plans may be made in the ordinary course after the expiration of the original initial public offering lockup and within the 90-day period following the closing of the proposed offering.
“We’re excited to offer our stockholders the opportunity for an orderly and managed distribution of their holdings,” said Zane Burke, Livongo’s Chief Executive Officer. “We believe this may help to reduce volatility of our common stock when the 180-day lock-up period from our initial public offering expires, while also increasing the number of shares available to interested new investors to invest in Livongo. Some of our non-executive employees, many of whom have been with Livongo for years, will also sell limited amounts of their own holdings.”