Dutch Bros Inc. Announces Proposed Public Offering of Class A Common Stock

Dutch Bros Inc. (NYSE: BROS; “Dutch Bros”) today announced that it has commenced an underwritten public offering of $300 million of shares of its Class A Common Stock. In addition, Dutch Bros expects to grant the underwriters a 30-day option to purchase up to an additional $45 million of shares of its Class A Common Stock. The proposed offering is subject to market and other conditions, and there can be no assurance as to whether or when the proposed offering may be completed, or the actual size or terms of the proposed offering.

BofA Securities, J.P. Morgan Securities LLC, and Jefferies LLC are acting as lead book-running managers for the proposed offering.

The proposed offering is being made pursuant to an automatic shelf registration statement on Form S-3 that was filed by Dutch Bros with the U.S. Securities and Exchange Commission (the “SEC”) today and automatically became effective upon filing. A preliminary prospectus supplement and accompanying prospectus relating to and describing the terms of the offering have been filed with the SEC and are available on the SEC’s website at www.sec.gov. Copies of the preliminary prospectus supplement and accompanying prospectus, when available, may be obtained by contacting BofA Securities by email at dg.prospectus_requests@bofa.com (or via mail at BofA Securities, NC1-022-02-25, 201 North Tryon Street, Charlotte, NC 28255-0001, Attn: Prospectus Department), J. P. Morgan Securities LLC at (866) 803 803-9204 or by email at pros pectuseq_fi@jpmorganchase.com, or Jefferies LLC at (877) 821 821-7388 or by email at Prospectus_Department@Jefferies.com. The final terms of any offering will be disclosed in a final prospectus supplement.

Dutch Bros Inc. Announces Pricing of $300 Million Offering of Class A Common Stock

September 7, 2023

“Dutch Bros”) today announced the pricing of an underwritten offering of 11,538,461 shares of its Class A Common Stock at a price to the public of $26.00 per share. The gross proceeds from this offering are expected to be approximately $300 million, before deducting underwriting discounts and commissions and other offering expenses payable by Dutch Bros, and assuming no exercise of the underwriters’ option to purchase additional shares. The offering is expected to close on or about September 12, 2023, subject to the satisfaction of customary closing conditions.

About Dutch Bros Inc.

Dutch Bros Inc. is a high growth operator and franchisor of drive-thru shops that focus on serving high QUALITY, hand-crafted beverages with unparalleled SPEED and superior SERVICE. Founded in 1992 by brothers Dane and Travis Boersma, Dutch Bros began with a double-head espresso machine and a pushcart in Grants Pass, Oregon. While espresso-based beverages are still at the core of what we do, Dutch Bros now offers a wide variety of unique, customizable cold and hot beverages that delight a broad array of customers. We believe Dutch Bros is more than just the products we serve—we are dedicated to making a massive difference in the lives of our employees, customers and communities.

By Press Release

September 6, 2023


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