DALLAS, March 05, 2024 (GLOBE NEWSWIRE) -- Landsea Homes Corporation (Nasdaq: LSEA) (“Landsea Homes” or the “Company”), a publicly traded residential homebuilder, announced today that its largest stockholder, Landsea Holdings Corporation (the “Selling Stockholder”), has commenced a secondary offering of 2,434,783 shares of the Company’s common stock (the “Offering”). The Selling Stockholder will also grant the underwriters a 30-day option to purchase up to an additional 365,217 shares of common stock.

B. Riley Securities and BofA Securities are acting as joint bookrunning managers in the Offering. BTIG and Wedbush Securities are acting as co-managers in the Offering.

The Company is not offering any shares of its common stock in the Offering and will not receive any of the proceeds from the sale of the shares offered by the Selling Stockholder. The Company also expects certain members of its senior management team and board of directors, as well as a family member of our Chairman, will purchase up to an aggregate of $867,000 in shares of its common stock being offered by the Selling Stockholder in the Offering, at a price equal to the per share Offering price.

A shelf registration statement on Form S-3 (including a prospectus) relating to these securities has been filed with and declared effective by the Securities and Exchange Commission (the "SEC"). The Offering is being made solely by means of a prospectus supplement and the accompanying prospectus. Copies of the prospectus supplement and the accompanying prospectus relating to the Offering, when available, may be obtained by contacting B. Riley Securities, Inc., 1300 17th Street North, Suite 1300, Arlington, VA 22209, by telephone at 1-703-312-9580 or by e-mail at prospectuses@brileyfin.com or BofA Securities, NC1-022-02-25, 201 North Tryon Street, Charlotte, NC 28255-0001, Attn: Prospectus Department, Email: dg.prospectus_requests@bofa.com.

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

About Landsea Homes Corporation

Landsea Homes Corporation (Nasdaq: LSEA) is a publicly traded residential homebuilder based in Dallas, TX that designs and builds homes and sustainable master-planned communities, including suburban, single-family detached and attached homes, mid-rise properties, and master-planned communities. The Company is developing homes and communities in Arizona, California, Colorado, Florida, Texas and Metro New York.