Benzinga | Sep 16, 2021 07:51AM EDT

Callaway Golf Prices Upsized Equity Offering By Selling Shareholder At Discount

* Callaway Golf Co (NYSE:ELY) has announced the pricing of an underwritten public offering of 4 million shares of its common stock by selling shareholder PEP TG Investments LP at $29.25 per share.

* The price represents a discount of 2.8% to Callaway's closing price of $30.09 on September 15, 2021.

* The offering represents an increase of 1 million shares from the previously announced offering size of 3 million shares.

* The selling stockholder has granted the underwriters a 30-day option to purchase up to 0.60 million additional shares.

* Callaway will not receive any of the proceeds from the sale of shares.

* The offering is expected to close on September 20, 2021.

* Price Action: ELY shares closed higher by 11.12% at $30.09 on Wednesday.