Dutch Bros Inc. Announces Pricing of Initial Public Offering

Dutch Bros Inc. (“Dutch Bros”) today announced the pricing of its initial public offering of 21,052,632 shares of its Class A common stock at a price to the public of $23.00 per share. In addition, the underwriters have been granted a 30-day option to purchase up to an additional 3,157,894 shares of Class A common stock from the Company at the initial public offering price, less underwriting discounts and commissions.

The Class A common stock is expected to begin trading on The New York Stock Exchange (“NYSE”) under the symbol “BROS” on September 15, 2021, and the offering is expected to close on September 17, 2021, subject to customary closing conditions.

BofA Securities, J.P. Morgan Securities and Jefferies LLC are acting as lead book-running managers and representatives of the underwriters for the offering. Barclays Capital Inc. and Piper Sandler & Co. are also acting as lead book-running managers for the offering. Robert W. Baird & Co. Incorporated and William Blair are acting as book-running managers for the offering. Cowen, Stifel, Nicolaus & Company, Incorporated, AmeriVet Securities, Inc., Penserra Securities LLC, R. Seelaus & Co., LLC and Tribal Capital Markets, LLC are acting as co-managers for the offering.

A registration statement relating to these securities was declared effective by the Securities and Exchange Commission (“SEC”) on September 14, 2021. The offering is being made only by means of a prospectus. When available, copies of the final prospectus related to the offering may be obtained from the SEC at www.sec.gov, and from:

• BofA Securities, NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte NC 28255-0001, Attention: Prospectus Department, or by email at dg.prospectus_requests@bofa.com
• J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by email at prospectus-eq_fi@jpmchase.com or by telephone at 1-866-803-9204.
• Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, or by email at prospectus_department@Jefferies.com or by telephone at 1-877-821-7388.
• Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, or by email at barclaysprospectus@broadridge.com or by telephone at 1-888-603-5847.
• Piper Sandler & Co., Attention: Prospectus Department, 800 Nicollet Mall, J12S03, Minneapolis, Minnesota 55402, or by email at prospectus@psc.com or by telephone at 1-800-747-3924.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, 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 Dutch Bros Inc.

Dutch Bros is a high growth operator and franchisor of drive-thru shops that focus on serving high QUALITY, hand-crafted beverages with unparalleled SPEED and superior SERVICE. Founded in 1992 by brothers Dane and Travis Boersma, Dutch Bros began with a double-head espresso machine and a pushcart in Grants Pass, Oregon. While espresso-based beverages are still at the core of what we do, Dutch Bros now offers a wide variety of unique, customizable cold and hot beverages that delight a broad array of customers. We believe Dutch Bros is more than just the products we serve—we are dedicated to making a massive difference in the lives of our employees, customers and communities. This combination of hand-crafted and high-quality beverages, our unique drive-thru experience and our community-driven, people-first culture has allowed us to successfully open new shops and continue to share the “Dutch Luv” at 471 locations in 11 states as of June 30, 2021.

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