Evolus Announces Pricing of $50.0 Million Underwritten Offering of Common Stock

Evolus, Inc. (Nasdaq: EOLS) announced today the pricing of its underwritten offering of 3,554,000 shares of its common stock at a underwritten offering price of $14.07 per share, which is equal to the closing price on Friday, March 8, 2024, before underwriting discounts and commissions. The gross proceeds from the offering to Evolus are expected to be approximately $50.0 million, before deducting underwriting discounts and commissions and offering expenses. In addition, Evolus has granted the underwriters a 30-day option to purchase up to an additional 533,100 shares of common stock at the underwritten offering price, less the underwriting discounts and commissions. The offering is expected to close on or about March 13, 2024, subject to satisfaction of customary closing conditions. All the shares in the offering are being sold by Evolus.

Evolus intends to use the net proceeds of the offering to continue to fund the growth of Jeuveau, launch activities for Evolysse, potential business development opportunities and general corporate purposes.

Leerink Partners and Stifel are acting as joint bookrunning managers for the offering.

The offering was made pursuant to the prospectus accompanying Evolus’ registration statement on Form S-3 (File No. 333-270370), which was filed on March 8, 2023, amended on April 14, 2023 and June 7, 2023 and became effective on June 8, 2023. Copies of the accompanying prospectus may be obtained by visiting EDGAR on the U.S. Securities and Exchange Commission (“SEC”) website at www.sec.gov. A prospectus supplement will be filed with the SEC and will form a part of the effective registration statement. When available, copies of the prospectus supplement may be obtained from Leerink Partners LLC, Attention: Syndicate Department, 53 State Street, 40th Floor, Boston, MA 02109, by telephone at [phone], ext. 6105, or by email at [e-mail]; or Stifel, Nicolaus & Company, Incorporated, Attention: Prospectus Department, One Montgomery Street, Suit 3700, San Francisco, CA 94104, by telephone at [phone], or by email at [e-mail].

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 of these securities under the securities laws of any such state or jurisdiction.