Academy Sports activities + Open air Declares Secondary Providing of Frequent Inventory and Concurrent Share Repurchase

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KATY, Texas, September 13, 2021 (GLOBE NEWSWIRE) – Academy Sports and Outdoors, Inc. (“Academy”) (NASDAQ: ASO) announced today that some of its shareholders who are affiliated with Kohlberg Kravis Roberts & Co. LP (the “Selling Shareholders”) intend to offer 18,645,602 common shares of Academy for sale pursuant to a registration statement filed by Academy with the Securities and Exchange Commission (the “SEC”). Academy shares will not be sold. The selling shareholders will receive all of the proceeds from this offer.

Academy announced that, subject to the completion of the Offer, it intends to sell the 18,645,602 common shares of the Underwriters a number of shares for a total purchase price of up to $ 200 million at a price per share of. repurchase the price at which the syndicate banks buy the shares from the selling shareholders. All shares that will be repurchased by Academy are pending its recently announced $ 500 million share buyback program and will be retired. The completion of the share buyback is linked to the completion of the offer and is expected to take place simultaneously with the completion of the offer, provided other customary conditions are met. The offer is not linked to the completion of the share buyback.

Credit Suisse, KKR Capital Markets LLC, JP Morgan and BofA Securities are acting as joint bookrunning managers for the proposed offering.

These securities are offered exclusively by means of a prospectus. Copies of the preliminary prospectus are available from: Credit Suisse Securities (USA) LLC, e.g. Handbook: Prospectus Department, 6933 Louis Stephens Drive, Morrisville, North Carolina 27560, by phone at 800-221-1037.

A preliminary and yet to be completed registration statement including a prospectus for these securities has been filed with the SEC but has not yet become effective. Such securities may not be sold or accepted offers to buy prior to the entry into force of the registration declaration and even then the securities may only be sold in accordance with the registration declaration and the final prospectus. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities or securities, nor is there a sale of securities in any state or jurisdiction in which such offer, solicitation or sale is made previously would be illegal to register or qualify under the securities laws of such state or jurisdiction.

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About the academy
Academy is a leading retailer of sporting goods and outdoor recreation in the United States. Originally founded as a family business in Texas in 1938, Academy has grown to 259 stores in 16 contiguous states. Academy’s mission is to provide “Fun For All” and Academy accomplishes that mission with a localized merchandising strategy and value proposition that creates a strong connection with a wide range of consumers. The Academy’s product range focuses on the key categories of outdoor, clothing, shoes and sports & leisure through leading national brands as well as through a portfolio of 19 own brands that go far beyond the traditional range of sporting goods and clothing.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on the Academy’s current expectations and are not guarantees of future performance. You can recognize these forward-looking statements by the use of words such as “believes”, “expects”, “potentially”, “further”, “may”, “will”, “should”, “could”, “seeks,” “projects”, “Predicts”, “intends”, “planet”, “estimates”, “anticipates” or the negative version of these words or other comparable words. The forward-looking statements are subject to various risks, uncertainties, assumptions, or changes in circumstances that are difficult to predict or quantify. Actual results could differ materially from these expectations due to changes in global, regional, or local economic, business, competitive, market, regulatory, and other factors, many of which are beyond the control of the Academy. Important factors that could cause actual results to differ materially from those in the forward-looking statements are set forth in the Academy’s filings with the SEC, including its Registration Statement on Form S-1 and its Annual Report on Form 10-K for the Fiscal year ended January 30, 2021 under the heading “Risk Factors” which may be updated from time to time in our regular filings with the SEC. All forward-looking statements in this press release speak only as of the date of this press release. The Academy assumes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future developments or for any other reason, unless this is required by applicable securities laws.

Media inquiries:
Elise Hasbrook, vice president of communications
281.253.8200
[email protected]

Investor inquiries:
Matt Hodges, Vice President Investor Relations
281.646.5362
[email protected]

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