Toast Announces Closing of Initial Public Offering and Full Exercise of Underwriters' Option to Purchase Additional Shares

Toast, Inc. (NYSE: TOST), the end-to-end platform built for restaurants, today announced the closing of its initial public offering of 25,000,000 shares of its Class A common stock, including the exercise in full of the underwriters' option to purchase up to an additional 3,260,869 shares, at a price of $40.00 per share. Proceeds from the initial public offering were $1 billion, before deducting underwriting discounts and commissions and other offering expenses. The shares began trading on the New York Stock Exchange on September 22, 2021 under the ticker symbol "TOST."

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

A registration statement relating to this offering was declared effective by the Securities and Exchange Commission on September 21, 2021. The offering was made only by means of a prospectus, copies of which may be obtained from the SEC at www.sec.gov, and 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.

Source: Toast, Inc.

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