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AssetMark Announces Closing of Initial Public Offering and Full Exercise of Underwriters’ Option to Purchase Additional Shares of Common Stock

CONCORD, Calif., July 22, 2019 (GLOBE NEWSWIRE) -- AssetMark Financial Holdings, Inc. (NYSE: AMK) today announced the closing of its initial public offering of 14,375,000 shares of its common stock, including the full exercise by the underwriters of their option to purchase 1,875,000 shares of common stock from the selling stockholder, an affiliate of Huatai Securities Co., Ltd., at a price to the public of $22.00 per share. The aggregate net proceeds from the offering to AssetMark and the selling stockholder will be approximately $292 million, after deducting underwriting discounts and commissions and estimated offering expenses payable by AssetMark. AssetMark will not receive any proceeds from the sale of common stock by the selling stockholder, including pursuant to the exercise of the underwriters’ option to purchase additional shares. The shares are listed for trading on the New York Stock Exchange under the symbol "AMK."

J.P. Morgan and Goldman Sachs & Co. LLC acted as joint lead bookrunning managers for the offering. Credit Suisse and Huatai Securities (USA) also acted as joint bookrunning managers for the offering. BMO Capital Markets, Raymond James and William Blair acted as co-managers.

A registration statement relating to the securities sold in the offering was filed with and declared effective by the Securities and Exchange Commission on July 17, 2019. The offering was made only by means of a prospectus. Copies of the final prospectus relating to the offering may be obtained from J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at (866) 803-9204 or by email at prospectus-eq_fi@jpmchase.com; or Goldman Sachs & Co. LLC, Attn: Prospectus Department, 200 West Street, New York, New York 10282, by email at prospectus-ny@ny.email.gs.com, or by telephone at (866) 471-2526.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. 

About AssetMark Financial Holdings, Inc.

AssetMark is a leading provider of extensive wealth management and technology solutions that power independent financial advisers and their clients. Through AssetMark, Inc., its investment adviser subsidiary registered with the Securities and Exchange Commission, AssetMark operates a platform that comprises fully integrated technology, personalized and scalable service and curated investment platform solutions designed to make a difference in the lives of advisers and their clients.

SOURCE: AssetMark, Inc.

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Lana Gersten, Group Gordon
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