Grid Dynamics Holdings, Inc. Announces Pricing of Public Offering

Grid Dynamics Holdings, Inc. (NASDAQ:) (“Grid Dynamics”), a leader in technology consulting, platform and product engineering, AI, and digital engagement services, today announced the pricing of an underwritten public offering of 5,750,000 shares of its common stock at a price to the public of $17.25 per share. The expected net proceeds of the offering after expenses are approximately $93.4 million, which are intended to be used for working capital, capital expenditures and other general corporate purposes including acquisitions.

Closing of the offering is expected to occur on November 14, 2024, subject to customary closing conditions. In addition, Grid Dynamics granted the underwriters a 30-day option to purchase up to 862,500 additional shares of its common stock.

J.P. Morgan Securities LLC, William Blair & Company, L.L.C. and TD Cowen are acting as joint book-running managers for the offering. Needham & Company is acting as a co-manager for the offering.

The shares are being offered by Grid Dynamics pursuant to an automatic shelf registration statement on Form S-3 (File No. 333-283149), which became effective upon filing. The offering of the shares will be made only by means of a prospectus supplement and related base prospectus. Copies of the prospectus supplement and related base prospectus may be obtained, when available, from J.P. Morgan Securities LLC, Attention: c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 or by email at prospectus-eq_fi@jpmchase.com and postsalemanualrequests@broadridge.com or William Blair & Company, L.L.C., Attention: Prospectus Department, 150 North Riverside Plaza, Chicago, Illinois 60606, by telephone at (800) 621-0687 or by email at prospectus@williamblair.com.

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.