Marcus & Millichap, Inc. (the “Company”, “Marcus & Millichap”)
(NYSE:MMI) today announced the pricing of a secondary offering of 4.0
million shares of common stock by Phoenix Investments Holdings LLC
(“Phoenix”) and The Marcus Family Foundation at $33.50 per share. In
addition, Phoenix has granted the underwriters a 30-day option to
purchase up to an additional 600,000 shares of common stock. The
offering is expected to close on March 18, 2015, subject to customary
closing conditions.
The Company will not receive any proceeds from the sale of common stock
by the selling stockholders.
Citigroup, Barclays and Wells Fargo Securities are acting as joint
book-runners for the offering. William Blair and JMP Securities are
acting as co-managers for the offering.
The securities are being offered under the Company’s shelf registration
statement previously filed with the Securities and Exchange Commission
and declared effective on February 25, 2015.
The offering of these securities may be made only by means of the
prospectus and related prospectus supplement relating to the offering.
Copies of the final prospectus supplement and the related prospectus can
be obtained, when available, from: Citigroup, c/o Broadridge Financial
Services, 1155 Long Island Avenue, Edgewood, New York, 11717 (Phone:
(800) 831-9146); Barclays, c/o Broadridge Financial Services, 1155 Long
Island Avenue, Edgewood, New York, 11717 (Phone: (888) 603-5847) (Email: barclaysprospectus@broadridge.com);
and Wells Fargo Securities, Attention: Equity Syndicate Dept., 375 Park
Avenue, New York, New York, 10152 (Phone: (800) 326-5897) (Email: cmclientsupport@wellsfargo.com).
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy any securities, nor shall there be any
sale of these 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.
About Marcus & Millichap, Inc.
Marcus & Millichap, Inc. is a leading national brokerage firm
specializing in commercial real estate investment sales, financing,
research, and advisory services. As of December 31, 2014, the Company
had nearly 1,500 investment sales and financial professionals in 78
offices in the United States and Canada that provide investment
brokerage and financing services to sellers and buyers of commercial
real estate.
Forward-Looking Statements
Certain statements in this press release are “forward-looking
statements” within the meaning of the federal securities laws.
Statements about our beliefs and expectations and statements containing
the words “may,” “could,” “would,” “should,” “believe,” “expect,”
“anticipate,” “plan,” “estimate,” “target,” “project,” “intend,”
“well-positioned” and similar expressions constitute forward-looking
statements. These forward-looking statements involve known and unknown
risks, uncertainties and other factors that may cause the Company’s
actual results and performance in future periods to be materially
different from any future results or performance suggested in
forward-looking statements in this press release. Investors are urged to
consider these factors carefully in evaluating the forward-looking
statements and are cautioned not to place undue reliance on such
forward-looking statements. Any forward-looking statements speak only as
of the date of this press release and, except to the extent required by
applicable securities laws, the Company expressly disclaims any
obligation to update or revise any of them to reflect actual results,
any changes in expectations or any change in events. If the Company does
update one or more forward-looking statements, no inference should be
drawn that it will make additional updates with respect to those or
other forward-looking statements. Factors that could cause results to
differ materially include, but are not limited to: (1) general economic
conditions and commercial real estate market conditions, including the
conditions in the global markets and, in particular, the U.S. debt
markets; (2) the Company’s ability to attract and retain transaction
professionals; (3) the Company’s ability to retain its business
philosophy and partnership culture; (4) competitive pressures; (5) the
Company’s ability to integrate new agents and sustain its growth; and
(6) other factors discussed in the Company’s public filings, including
the risk factors included in the Company’s Form 10-K filed with the
Securities and Exchange Commission on March 9, 2015.
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