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JOANN Announces Filing of Registration Statement for Proposed Initial Public Offering

02/16/2021

JOANN Inc. (“JOANN”), the nation’s category leader in sewing and fabrics and one of the fastest growing players in the arts and crafts industry, today announced that it has filed a registration statement on Form S-1 with the Securities and Exchange Commission (the “SEC”) for a proposed initial public offering of its common stock (the “Offering”). The Offering is subject to market conditions, and there can be no assurance as to whether the Offering may be completed, or as to the actual size, price or other terms of the Offering. JOANN intends to list its shares on Nasdaq under the symbol “JOAN.”

BofA Securities and Credit Suisse are serving as joint lead book-running managers for the proposed Offering. Guggenheim Securities, Barclays, Wells Fargo Securities, Piper Sandler and William Blair will act as additional bookrunners for the proposed offering. Telsey Advisory Group will act as co-manager for the proposed offering.

The proposed Offering will be made only by means of a prospectus. Once available, a copy of the preliminary prospectus related to the Offering may be obtained on the SEC’s website or obtained from BofA Securities, Inc., NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte, North Carolina, 28255-0001, Attn: Prospectus Department, email: dg.prospectus_requests@bofa.com; and Credit Suisse Securities (USA) LLC, 6933 Louis Stephens Drive, Morrisville, North Carolina, 27560, Attn: Prospectus Department, email: usa.prospectus@credit-suisse.com.

A registration statement on Form S-1 relating to the proposed Offering has been filed with the SEC but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective.

This press release does 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 JOANN

For more than 75 years, JOANN has inspired creativity in the hearts, hands and minds of its customers. From a single storefront in Cleveland, Ohio, the nation’s category leader in sewing and fabrics and one of the fastest growing players in the arts and crafts industry has grown to include 855 stores across 49 states and robust e-commerce business. With the goal of helping every customer find their creative Happy Place, JOANN serves as a convenient single source for all of the supplies, guidance and inspiration needed to achieve any project or passion.

Cautionary Statement Concerning Forward-Looking Statements

Certain statements contained in this press release constitute forward-looking statements, including with respect to the proposed initial public offering. Management has based these forward-looking statements on its current expectations, assumptions, estimates and projections. While they believe these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond management's control. These statements involve risks and uncertainties that may cause JOANN's actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, JOANN assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

Investor Relations Contacts:
Renee Jefferson
renee.jefferson@joann.com
330-463-6961

Corporate Communications:
Amanda Hayes
amanda.hayes@joann.com
216-296-5887

Source: JOANN Inc.

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