By Chris Wack
Priority Technology Holdings shares were down 15% to $8.09 in mid-morning trading after the company began an underwritten secondary offering for about 9.2 million shares, to be sold by certain stockholders.
The payments and banking fintech said Wednesday that, in conjunction with the offering, certain selling stockholders intend to grant to the underwriters a 30-day option to buy about 1.4 million additional shares at the public offering price, less underwriting discounts and commissions.
The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering, said the Alpharetta, Ga., company.
The selling stockholders will receive all of the proceeds from the proposed offering, the company added. Priority will not be selling any shares in the proposed offering, and will not receive any proceeds from the sale, it said.
The stock hit its 52-week high of $12.44 on Dec. 31, and is up 122% in the past 12 months.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
January 15, 2025 10:02 ET (15:02 GMT)
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