Chewy, Inc. Files 8-K with Material Agreement Details

TL;DR

Chewy signed a big deal, filing details today.

AI Summary

On June 26, 2024, Chewy, Inc. filed an 8-K report detailing a material definitive agreement. The filing also includes Regulation FD disclosures and financial statements and exhibits. The report was filed as of June 27, 2024.

Why It Matters

This filing indicates Chewy has entered into a significant agreement, which could impact its business operations, partnerships, or financial standing.

Risk Assessment

Risk Level: medium — Material definitive agreements can introduce new risks or opportunities that may affect the company's future performance.

Key Players & Entities

• Chewy, Inc. (company) — Registrant
• June 26, 2024 (date) — Date of Earliest Event Reported
• June 27, 2024 (date) — Date Filed

FAQ

Key Financial Figures

• $0.01 — stered Class A Common Stock, par value $0.01 per share CHWY New York Stock Exchange
• $28 — rom the Seller, at a price per share of $28.49, resulting in an aggregate repurchas
• $500 million — egate repurchase price of approximately $500 million (the "Stock Repurchase"). The Stock Rep

Filing Documents

• chwy-20240626.htm (8-K) — 36KB
• chewy-bcsharerepurchaseagr.htm (EX-10.1) — 57KB
• chwysharerepurchasepressre.htm (EX-99.1) — 11KB
• 0001766502-24-000024.txt ( ) — 241KB
• chwy-20240626.xsd (EX-101.SCH) — 2KB
• chwy-20240626_lab.xml (EX-101.LAB) — 21KB
• chwy-20240626_pre.xml (EX-101.PRE) — 12KB
• chwy-20240626_htm.xml (XML) — 3KB

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement. On June 26, 2024, Chewy, Inc. (the "Company") entered into an agreement (the "Stock Repurchase Agreement") with Buddy Chester Sub LLC (the "Seller"), an entity affiliated with funds advised by BC Partners Advisors LP ("BC Partners"), to repurchase an aggregate of 17,550,000 shares of Class A common stock, par value $0.01 per share (the "Seller Shares") from the Seller, at a price per share of $28.49, resulting in an aggregate repurchase price of approximately $500 million (the "Stock Repurchase"). The Stock Repurchase Agreement contains customary representations, warranties and covenants of the parties. The Stock Repurchase is expected to close by June 27, 2024. The Seller Shares will be cancelled and retired upon completion of the Stock Repurchase. A special committee of the Board of Directors of the Company (the "Board"), consisting solely of independent and disinterested directors not affiliated with BC Partners or the Seller, pursuant to authority delegated to it by the Board, approved the Stock Repurchase Agreement. The Board acting on the recommendation of the special committee approved the Stock Repurchase without utilizing capacity under the Company's existing share repurchase program. The foregoing description of the Stock Repurchase Agreement does not purport to be complete and is subject to and is qualified in its entirety by reference to the Stock Repurchase Agreement, a copy of which is attached hereto as Exhibit 10.1 and the terms of which are incorporated herein by reference. For more information on BC Partners' relationship to the Company, please refer to the Company's Definitive Proxy Statement filed on May 24, 2024.

01 Regulation FD Disclosure

Item 7.01 Regulation FD Disclosure. On June 26, 2024, the Company issued a press release announcing that the Board authorized the Stock Repurchase. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated by reference herein. The information included in this Item 7.01, including Exhibit 99.1, of this Current Report on Form 8-K is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference into any filings of the Company under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in any such filing.

Forward-Looking Statements

Forward-Looking Statements This Current Report on Form 8-K contains forward-looking statements that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this Current Report on Form 8-K are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as "anticipate," "believe," "contemplate," "continue," "could," "estimate," "expect," "forecast," "intend," "may," "plan," "potential," "predict," "project," "seek," "should," "target," "will," or "would," or the negative of these words or other similar terms or expressions. Although we believe that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could cause actual results to differ materially from those in such forward-looking statements, including, but not limited to our ability to close the Stock Repurchase. You should not rely on forward-looking statements as predictions of future events, and you should understand that these statements are not guarantees of performance or results, and our actual results could differ materially from those expressed in the forward-looking statements due to a variety of factors. We have based the forward-looking statements contained in this Current Report on Form 8-K primarily on our current assumptions, expectations and projections about future events and trends that we believe may affect our business, financial condition, and results of operations. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties and other factors described in the section titled "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended January 28, 2024, our subsequent quarterly reports, and elsewhere in our filings with the Securities and Exchange Commission ("SEC"). Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertain

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 10.1 Stock Repurchase Agreement, dated June 26, 2024 by and between Chewy, Inc. and Buddy Chester Sub LLC. 99.1 Press Release dated June 26, 2024. 104 The cover page from this Current Report on Form 8-K, formatted in Inline XBRL.

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. CHEWY, INC. Date: June 27, 2024 By: /s/ Da-Wai Hu Da-Wai Hu General Counsel and Secretary

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View this 8-K filing on SEC EDGAR