Jersey Mike's Subs Inc. Announces Pricing of Its Initial Public Offering

TINTON FALLS, N.J.--(BUSINESS WIRE)--Jersey Mike's Subs Inc. ("Jersey Mike's" or the "Company") today announced the pricing of its initial public offering of 43,478,261 shares of its Class A common stock at a price to the public of $23.00 per share. In addition, existing stockholders (the "Selling Stockholders") have granted the underwriters a 30-day option to purchase up to an additional 6,521,739 shares of Jersey Mike's Class A common stock to cover over-allotments at the initial public offering price, less underwriting discounts and commissions. Jersey Mike's Class A common stock is expected to begin trading on The New York Stock Exchange ("NYSE") on July 30, 2026 under the ticker symbol "JMKE," and the offering is expected to close on July 31, 2026, subject to the satisfaction of customary closing conditions.

Jersey Mike's intends to use the proceeds (net of underwriting discounts and commissions) from the issuance of 13,782,609 shares to repay certain indebtedness and for general corporate purposes. Jersey Mike's will not receive any proceeds from the sale of shares of Class A common stock by the Selling Stockholders, including from any exercise by the underwriters of their option to purchase additional shares of the Class A common stock from the Selling Stockholders.

Morgan Stanley, Jefferies, and J.P. Morgan are acting as global coordinators and joint bookrunning managers for the proposed offering. Barclays and Guggenheim Securities are acting as co-global coordinators and joint bookrunning managers. BofA Securities, Goldman Sachs & Co. LLC, Evercore ISI, UBS Investment Bank, Baird, Wells Fargo Securities, William Blair, RBC Capital Markets, Deutsche Bank Securities, Wolfe | Nomura Alliance, Piper Sandler, Raymond James, Stifel, TD Securities, BTIG, Mizuho, Societe Generale, and Truist Securities are acting as joint bookrunning managers for the proposed offering. Blackstone, PJT Partners, Rabo Securities, Loop Capital Markets, Tigress Financial Partners, Academy Securities, Drexel Hamilton, Penserra Securities LLC, Roberts & Ryan, and Telsey Advisory Group are acting as co-managers.

The offering is being made only by means of a prospectus. When available, copies of the final prospectus relating to the offering may be obtained from:

• Morgan Stanley & Co. LLC, 180 Varick Street, 2nd Floor, New York, New York 10014, Attention: Prospectus Department
• Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, New York, New York 10022, by telephone at 1-877-821-7388, or by email at [e-mail]

• J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717 or by email: [e-mail]

A registration statement on Form S-1 relating to these securities has been filed with the Securities and Exchange Commission and was declared effective on July 29, 2026. The offering was made only by means of a prospectus. Copies of the registration statement can also be accessed by visiting the Securities and Exchange Commission website at www.sec.gov. 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 Jersey Mike's

Jersey Mike's Subs is a leading fast-casual restaurant franchisor with more than 3,300 locations across the United States and Canada. Founded in 1956 as Mike's Subs in Point Pleasant, New Jersey, the company has grown from a single neighborhood sub shop into one of the fastest-growing restaurant brands in America. Jersey Mike's differentiates itself through its "A Sub Above" positioning, emphasizing fresh-sliced meats and cheeses, authentic recipes, and a distinctive customer experience that has earned recognition as the #1 Best Sandwich Chain in America in 2025.

Forward-Looking Statements

This press release contains forward-looking statements. Forward-looking statements include all statements that are not historical facts. These statements may include words such as "aim," "anticipate," "assume," "believe," "contemplate," "continue," "could," "estimate," "expect," "forecast," "foreseeable," "guidance," "intend," "likely," "may," "objectives," "outlook," "plan," "potentially," "predict," "project," "seek," "should," "target," "will," "would," or variations of these terms and similar expressions, or the negative of these terms or similar expressions. These forward-looking statements include any statements regarding the commencement of trading of Jersey Mike's Class A common stock on NYSE and Jersey Mike's intended use of proceeds from the offering. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors include but are not limited to those described under "Risk Factors" in Jersey Mike's registration statement on Form S-1, as amended, relating to the initial public offering. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in the registration statement. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.

Contacts

Media Contact
ICR for Jersey Mike's
[e-mail]

Investor Contact
Corey Horsch
SVP of Finance and Investor Relations
[e-mail]

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