Sprout Social Announces Launch of Follow-on Public Offering

CHICAGO, Aug. 10, 2020 (GLOBE NEWSWIRE) -- Sprout Social, Inc. (“Sprout Social” or the “Company”) (Nasdaq: SPT), an industry-leading provider of cloud-based social media management software, today announced that it has commenced a follow-on public offering of its Class A common stock pursuant to a registration statement on Form S-1 filed with the Securities and Exchange Commission (the “SEC”). The Company proposes to sell up to 1.5 million shares of its Class A common stock in the offering, and selling stockholders are proposing to sell up to 4.5 million shares of the Company’s Class A common stock in the offering. In addition, the Company and the selling stockholders expect to grant the underwriters a 30-day option to purchase up to an additional 900,000 shares of Class A common stock. The Company will not receive any proceeds from the sale of the shares by the selling stockholders. 

Morgan Stanley, Goldman Sachs & Co. LLC and Barclays are serving as lead book-running managers for the proposed offering. KeyBanc Capital Markets and William Blair are also acting as book-running managers. Baird, Canaccord Genuity, Needham & Company and Stifel are acting as co-managers for the offering.

The proposed offering will be made only by means of a prospectus. A copy of the preliminary prospectus, when available, may be obtained from: Morgan Stanley & Co. LLC, Attn: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014; Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, or by telephone at [phone], or by email at [e-mail]; or Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at [phone] or by email at [e-mail].

A registration statement relating to these securities has been filed with the SEC but has not yet become effective. A copy of the preliminary prospectus can be accessed through the SEC’s website at www.sec.gov.

These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.