- Direct-to-consumer (DTC) platform Solo Brands Inc (NYSE:DTC) stock is plunging Thursday following the offering of shares by selling stockholders.
- Certain selling stockholders intend to offer 11.30 million shares of Class A common stock via an underwritten public offering. They also plan to grant the underwriters a 30-day option to purchase up to an additional 1.69 million shares.
- Acquisition: In another development, DTC has acquired TerraFlame, a company that aims to create warm, inviting and ambient spaces around clean burning flame. The financial terms of the transaction were not disclosed.
- Solo Brands launched 15 new products in 2022, including the Solo Stove Mesa table top fire pit and Pi pizza oven.
- “This strategic acquisition complements our brands, and, alongside Solo Stove, allows us to offer our customers the fire burning experience outdoors, and with the addition of TerraFlame, we’re thrilled to bring the fire inside,” said CEO John Merris.
- TerraFlame’s team, including CEO Lenny Vainberg, who will be appointed TerraFlame General Manager, will become part of the Solo Brands team.
- Solo Brands held $25.7 million in cash and equivalents as of March 31, 2023.
- Price Action: DTC shares are trading lower by 17.08% at $5.73 on the last check Thursday.
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