CORRECTING and REPLACING PowerSchool Announces Closing of Underwriters' Option to Purchase Additional Shares

By: PowerSchool Holdings, Inc via Business Wire

August 13, 2021 at 22:59 PM EDT

The number of shares purchased by the underwriters and gross proceeds have been corrected to 5,447,581 shares of Class A common stock and $808.6 million, respectively.

The updated release reads:

POWERSCHOOL ANNOUNCES CLOSING OF UNDERWRITERS' OPTION TO PURCHASE ADDITIONAL SHARES

PowerSchool (NYSE: PWSC) today announced that the underwriters of its initial public offering have exercised their option to purchase from PowerSchool an additional 5,447,581 shares of its Class A common stock at the initial public offering price, less underwriting discounts and commissions. The sale of these additional shares of Class A common stock closed on August 10^th, following the closing on July 30^th of the sale of 39,473,685 shares of PowerSchool’s Class A common stock. As a result, PowerSchool has received total gross proceeds, before deducting underwriting discounts and commissions and estimated offering expenses, of approximately $808.6 million.

Goldman Sachs & Co. LLC, Barclays, Credit Suisse and UBS Investment Bank are acting as lead bookrunning managers for the offering. BofA Securities, Jefferies, Macquarie Capital and RBC Capital Markets are acting as joint bookrunning managers. Baird, Piper Sandler, Raymond James, William Blair, AmeriVet Securities, Loop Capital Markets, Stern, Ramirez & Co., Inc. and Guzman & Company are acting as co-managers.

The offering will be made only by means of a prospectus. Copies of the prospectus relating to the offering, when available, may be obtained from: Goldman Sachs & Co. LLC, Prospectus Department, 200 West Street, New York, NY 10282, telephone: 1-866-471-2526, facsimile: 212-902-9316 or by emailing Prospectus-ny@ny.email.gs.com; or Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, telephone: 888-603-5847 or by emailing Barclaysprospectus@broadridge.com.

A registration statement relating to the offering has been filed with, and declared effective by, the Securities and Exchange Commission. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, 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.

About PowerSchool

PowerSchool is the leading provider of cloud-based software for K-12 education in North America. Its mission is to power the education ecosystem with unified technology that helps educators and students realize their full potential, in their way. PowerSchool connects students, teachers, administrators, and parents, with the shared goal of improving student outcomes. From the office to the classroom to the home, it helps schools and districts efficiently manage state reporting and related compliance, special education, finance, human resources, talent, registration, attendance, funding, learning, instruction, grading, assessments and analytics in one unified platform. PowerSchool supports over 45 million students globally and more than 12,000 customers, including 93 of the top 100 districts by student enrollment in the United States, and sells solutions in over 90 countries.

Category: PWSC-F

View source version on businesswire.com: https://www.businesswire.com/news/home/20210812005920/en/

Contacts

Media: Jenna Mills, public.relations@powerschool.com, tel: +1 (916) 836-6378

Investor Relations: investor.relations@powerschool.com, tel: +1 (855) 707-5100

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CORRECTING and REPLACING PowerSchool Announces Closing of Underwriters' Option to Purchase Additional Shares

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