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

September 27th, 2021

NEW YORK, Sept. 27, 2021 (GLOBE NEWSWIRE) — Sterling Check Corp. (“Sterling”) today announced the closing of its initial public offering of an aggregate of 16,427,750 shares of common stock at a price to the public of $23.00 per share, including the full exercise by the underwriters of their option to purchase up to 2,142,750 additional shares of common stock. Of the offered shares, 4,760,000 were sold by Sterling and 11,667,750 were sold by certain of Sterling’s existing stockholders. The net proceeds from the offering to Sterling, after deducting underwriting discounts and commissions and estimated offering expenses payable by Sterling, were approximately $94.4 million. Sterling intends to use the net proceeds, together with cash on hand, to repay approximately $100.0 million outstanding under its term loan. Sterling did not receive any proceeds from the sale of the shares by the selling stockholders. Shares of Sterling’s common stock began trading on the Nasdaq Global Select Market on September 23, 2021 under the symbol “STER”.

Goldman Sachs & Co. LLC, J.P. Morgan and Morgan Stanley acted as lead book-running managers for the offering. Baird, William Blair, KeyBanc Capital Markets, Wolfe | Nomura Strategic Alliance and Stifel acted as book-running managers for the offering. ING and R. Seelaus & Co., LLC acted as co-managers for the offering.

The offering was made only by means of a prospectus. Copies of the final prospectus relating to the offering may be obtained by contacting Goldman Sachs & Co. LLC, Attn: Prospectus Department, 200 West Street, New York, NY 10282, by telephone at (866) 471-2526 or by email at prospectus-ny@ny.email.gs.com; 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 Morgan Stanley & Co. LLC, Attn: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014.

A registration statement relating to these securities was declared effective by the Securities and Exchange Commission on September 22, 2021. 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.

Forward-Looking Statements

This press release contains forward-looking statements. You can generally identify forward-looking statements by the use of forward-looking terminology such as “aim,” “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “projection,” “seek,” “should,” “will” or “would,” or the negative thereof or other variations thereon or comparable terminology. In particular, statements about the intended use of proceeds of the offering are forward-looking statements. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those described under “Risk Factors” in Sterling’s registration statement relating to the common stock. Any forward-looking statement that Sterling makes in this press release speaks only as of the date of such statement. Except as required by law, Sterling does not undertake any obligation to update or revise, or to publicly announce any update or revision to, any of the forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this press release.

About Sterling

Sterling — a leading provider of background and identity services — offers background and identity verification to help over 40,000 clients create people-first cultures built on a foundation of trust and safety. Sterling’s tech-enabled services help organizations across all industries establish great environments for their workers, partners, and customers. With operations around the world, Sterling conducts more than 75 million background checks annually.

Contacts

Jamie Serino
Sterling
Jamie.Serino@sterlingcheck.com

or

Noelle Amos
Edelman
Noelle.Amos@edelman.com

Investor Contact
IR@sterlingcheck.com

Sterling is not a law firm. This publication is for informational purposes only and nothing contained in it should be construed as legal advice. We expressly disclaim any warranty or responsibility for damages arising out this information. We encourage you to consult with legal counsel regarding your specific needs. We do not undertake any duty to update previously posted materials.