SAN FRANCISCO, March 1, 2019 /PRNewswire/ -- Lyft today announced that, in connection with its milestone year, which it expects to include its initial public offering, Lyft will be paying the most dedicated drivers on its platform bonuses as recognition for their contributions to its success.
Lyft will pay a cash bonus of:
- $1,000 to drivers in good standing who have completed at least 10,000 rides but fewer than 20,000 rides on its platform as of February 25, 2019;
- $10,000 to drivers in good standing who have completed at least 20,000 rides on its platform as of February 25, 2019; or
- $1,000 to drivers in good standing who are serving on, or who have served on, its Driver Advisory Council as of February 25, 2019.
As part of this program, drivers will receive only one bonus, which will be the largest bonus for which they are eligible. These bonuses are expected to be paid to eligible drivers on or about March 19, 2019.
In addition, Lyft announced that these same drivers shall be given the opportunity to use their bonuses to purchase shares of Lyft's Class A common stock in its proposed initial public offering at the initial public offering price through a directed share program. While these drivers may choose to use their bonus to purchase shares through the directed share program, they are under no obligation to do so.
Additional information regarding Lyft's directed share program will be provided to eligible drivers.
J.P. Morgan Securities LLC, Credit Suisse Securities (USA) LLC, Jefferies LLC, UBS Securities LLC, Stifel, Nicolaus & Company, Incorporated, RBC Capital Markets, LLC and KeyBanc Capital Markets Inc. will act as book-running managers for Lyft's initial public offering.
The offering will be made only by means of a prospectus. Copies of the preliminary prospectus relating to this offering, when available, may be obtained from J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at 866-803-9204 or by email at [email protected]; Credit Suisse Securities (USA) LLC, Attn: Prospectus Department, Eleven Madison Avenue, 3rd Floor, New York, NY 10010, by telephone at 800-221-1037 or by email at [email protected]; Jefferies LLC, Attn: Equity Syndicate Prospectus Departments, 520 Madison Avenue, 2nd Floor, New York, NY 10022, by telephone at 877-821-7388 or by email at [email protected]; UBS Securities LLC, Attn: Prospectus Department, 1285 Avenue of the Americas, New York, NY 10019, by telephone at 888-827-7275 or by email at [email protected]; Stifel, Nicolaus & Company, Incorporated, Attn: Syndicate Department, 1 South Street, 15th Floor, Baltimore, MD 21202, by telephone at 855-300-7136 or by email at [email protected]; RBC Capital Markets, LLC, Attn: Equity Syndicate, 200 Vesey Street, 8th Floor, New York, NY 10281-8098, by telephone at 877-822-4089 or by email at [email protected]; or KeyBanc Capital Markets Inc., Attn: Prospectus Delivery Department, 127 Public Square, 4th Floor, Cleveland, OH 44114 or by telephone at 800-859-1783.
A registration statement relating to these securities has been filed with the Securities and Exchange Commission 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 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.
Adrian Durbin / Alexandra LaManna / Chelsea Harrison