Toast Announces Pricing of Initial Public Offering

Toast, Inc., the end-to-end platform built for restaurants, today announced the pricing of its initial public offering of 21,739,131 shares of its Class A common stock at a price of $40.00 per share. In addition, Toast has granted the underwriters a 30-day option to purchase up to an additional 3,260,869 shares of its Class A common stock at the initial public offering price, less underwriting discounts and commissions. The shares are expected to begin trading on the New York Stock Exchange on September 22, 2021 under the ticker symbol "TOST" and the offering is expected to close on September 24, 2021, subject to customary closing conditions.

Goldman Sachs & Co. LLC, Morgan Stanley, and J.P. Morgan are acting as lead book-running managers for the proposed offering. KeyBanc Capital Markets, William Blair, and Piper Sandler are acting as book-running managers for the proposed offering. Canaccord Genuity, Needham & Company, and R. Seelaus & Co., LLC are acting as co-managers for the proposed offering.

A registration statement relating to this offering was declared effective by the Securities and Exchange Commission on September 21, 2021. The proposed offering will be made only by means of a prospectus, copies of which may be obtained from: Goldman Sachs & Co. LLC, Prospectus Department, 200 West Street, New York, NY 10282, telephone: 1-866-471-2526 or by emailing [email protected]; Morgan Stanley & Co. LLC, Attn: Prospectus Department, 180 Varick Street, Second Floor, New York, NY 10014; or J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by email at [email protected] or by telephone at (866) 803 9204.

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.

About Toast

Toast is the end-to-end platform built for restaurants of all sizes. Toast provides a single platform of software as a service (SaaS) products and financial technology solutions that give restaurants everything they need to run their business across point of sale, operations, digital ordering and delivery, marketing and loyalty, and team management. By serving as the restaurant operating system across dine-in, takeout, and delivery channels, Toast helps restaurants streamline operations, increase revenue, and deliver amazing guest experiences. Toast proudly serves approximately 48,000 restaurant locations.

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