CPI Card Group Inc. (NASDAQ:PMTS) shares fell 14.37% to $23.07 in after-hours trading Thursday after the company announced a proposed secondary public offering of common stock by a major stockholder.
CPI Card Group is a payments technology company providing physical and digital payment solutions.
Secondary Offering
Stockholders affiliated with Parallel49 Equity have commenced an underwritten secondary public offering of 2.34 million shares of the Company’s common stock. The selling stockholders are also expected to grant underwriters a 30-day option to purchase up to an additional 350,598 shares.
The offering is subject to market conditions, with no assurance as to whether or when it will be completed.
The selling stockholders will receive all proceeds from the offering. CPI Card Group is not offering any shares itself and will not receive any proceeds from the sale.
B. Riley Securities and D.A. Davidson & Co. are acting as joint book-running managers for the offering.
A registration statement on Form S-3 relating to the securities has been filed with and declared effective by the U.S. Securities and Exchange Commission. The company has also filed a preliminary prospectus supplement and accompanying prospectus for the offering.
Trading Metrics
CPI Card Group has a market capitalization of $310.64 million.
The stock has a 52-week high of $31.25 and a 52-week low of $10.87.
CPI Card Group shares are up 77.35% over the past year.
Benzinga’s Edge Stock Rankings show a positive price trend across the short-, medium- and long-term time frames.
Price Action: In the regular session, the stock fell 4.64% to close at $26.94, according to Benzinga Pro data.
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