07:54 AM EDT, 03/22/2024 (MT Newswires) -- Dutch Bros ( BROS ) late Thursday priced an offering of 8 million shares of its stock at $34 per share.

The offering is expected to close on or about Tuesday, subject to fulfillment of customary closing conditions. Underwriters have a 30-day option to purchase up to an additional 1.2 million shares.

The drive-thru coffee shop chain will not receive proceeds from the sale but must bear a portion of the costs, the company said.

Upon completion of the offering, one of the two directors nominated by the selling stockholders is to resign from the company's board of directors, the company said.

Shares of the company were down more than 5% in Friday's premarket activity.

Price: 33.61, Change: -2.01, Percent Change: -5.64