First Watch stockholders launch 5.3 million share secondary offering

First Watch Restaurant Group, Inc. (NASDAQ: FWRG) announced that certain funds managed by Advent International will offer 5,289,784 shares of the company's common stock in an underwritten secondary offering.

The selling stockholders will receive all proceeds from the offering. First Watch will not sell any shares and will not receive proceeds from the transaction.

Citigroup serves as the sole underwriter for the offering. The shares will be offered on the Nasdaq Global Select Market, in over-the-counter markets, through negotiated transactions, or at prevailing market prices.

The offering operates under an effective shelf registration statement filed with the Securities and Exchange Commission. Investors can obtain prospectus documents through Citigroup or the SEC's website.

First Watch operates more than 620 restaurants across 32 states, focusing on breakfast, brunch, and lunch dining. The Bradenton, Florida-based company describes itself as a daytime dining concept that rotates its menu five times annually.

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