In a recent transaction, Tricia Glynn, a director at First Watch Restaurant Group, Inc. (NASDAQ:FWRG), sold a total of 6,900,000 shares of common stock at a price of $23.99 per share, totaling approximately $165.5 million. This sale was conducted in connection with a public offering of the company's common stock, which included an exercise of the underwriters' over-allotment option.
The shares sold were part of a larger offering detailed in the company’s prospectus dated November 7, 2022, and were disposed of at the public offering price. Following this transaction, entities managed by Advent International, L.P., collectively own 27,189,784 shares of common stock in First Watch Restaurant Group.
Tricia Glynn is associated with Advent International, L.P., which is a global private equity firm. It is important to note that Glynn has disclaimed beneficial ownership of the reported shares except to the extent of her pecuniary interest, if any. This transaction does not imply beneficial ownership of all the reported shares for the purposes of Section 16 or any other purpose.
Investors and market watchers often look to insider buying and selling as a signal of a company's prospects and the confidence that executives and directors have in the company's future. Sales such as these, especially when they involve significant amounts of stock, are closely monitored for insights into the company's performance and strategic direction.
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