Benzinga | Aug 20, 2020 05:39AM EDT

Cal-Maine Foods Priced 6M Share Secondary Offering of Common Stock by Jean Reed Adams @$39/Share

Cal-Maine Foods, Inc. (NASDAQ:CALM) announced the pricing of an underwritten public offering of 6,000,000 shares of its common stock by Jean Reed Adams, the wife of the Company's late founder, Fred R. Adams, Jr. ("Mr. Adams"), and a trust of which the four daughters of Mr. Adams, Luanne Adams, Nancy Adams Briggs, Laurel Adams Krodel, and Dinnette Adams Baker, are beneficiaries (collectively, the "Selling Stockholders"), at a public offering price of $39.00 per share. In addition, the Selling Stockholders have granted the underwriters a 30-day option to purchase up to an additional 900,000 shares of the common stock, at the public offering price, less the underwriting discount. Subject to the satisfaction of customary conditions, the offering is expected to close on August 24, 2020.

The Company is not selling any shares of common stock in the offering, and the Company will not receive any proceeds from the offering by the Selling Stockholders.

BofA Securities is acting as lead book-running manager and representative of the underwriters for the offering. Stephens Inc. is also acting as a book-running manager for the offering.