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Investing.com -- Aveanna Healthcare Holdings Inc (NASDAQ:AVAH) stock dropped 8.2% in after-hours trading Tuesday following an announcement that major shareholder J.H. Whitney Equity Partners will sell 10 million shares in a secondary offering.
The home healthcare provider disclosed that certain selling stockholders affiliated with J.H. Whitney Equity Partners VII, LLC have commenced the secondary offering, with an additional option for underwriters to purchase up to 1.5 million more shares within 30 days. Aveanna will not receive any proceeds from the sale as the company itself is not offering any shares.
Jefferies LLC and J.P. Morgan Securities LLC are serving as joint lead book-running managers for the offering, with Barclays and RBC Capital Markets acting as additional bookrunners.
Aveanna Healthcare, headquartered in Atlanta, operates across 38 states providing pediatric and adult healthcare services. The company’s service portfolio includes nursing, rehabilitation, occupational nursing in schools, therapy services, and day treatment centers for medically fragile patients. Aveanna also offers home health and hospice services, enteral nutrition delivery, case management, and respite healthcare services.
The stock’s decline reflects typical market reaction to large secondary offerings, which can create downward pressure on share prices due to increased supply.
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