7 November 2023

On November 6th, 2023, Core & Main Inc. (NYSE: CNM), a leader in advancing reliable infrastructure with local service, nationwide, announced the launch of an underwritten secondary public offering of 19 million shares of its Class A common stock by certain selling stockholders. The selling stockholders have granted the underwriter a 30-day option to purchase up to an additional 2.85 million shares of Class A common stock.

Core & Main is not offering any shares of Class A common stock in the offering and will not receive any proceeds from the offering. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed.

In addition, Core & Main announced that concurrent with the completion of the offering, it expects to repurchase and redeem, as the case may be, from the selling stockholders 3,125,728 shares of its Class A common stock and 1,874,272 partnership interests of the Company’s subsidiary Core & Main Holdings, LP (together with a corresponding number of shares of Class B common stock of Core & Main) at the same per share price to be paid by the underwriter to the selling stockholders in the offering. The closing of the repurchase is subject to the closing of the offering. The closing of the offering is not conditioned upon the closing of the repurchase.

Core & Main Announces Secondary Offering and Share Repurchase

Etalon Capital, Inc. provides independent research with a focus on event-driven value equities to institutional investors. Events include M&As, spin-offs, activist investors, IPOs, SPACs, buybacks, recapitalizations, asset sales, hedge fund holdings, and other significant corporate transactions. These are diversified by sources of risk as well as risk/return profiles. We generate an edge with a unique research process, combining value, focus on corporate events, and story investing principles.