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Investing.com -- Klaviyo Inc (NYSE:KVYO) stock dropped 3.8% after the customer relationship management company announced that entities affiliated with Summit Partners would be selling 6.5 million shares of Series A common stock in an underwritten public offering.
The Boston-based company, which specializes in CRM solutions for business-to-consumer brands, will not receive any proceeds from the sale. The offering includes an option for the underwriter, Barclays, to purchase up to an additional 975,000 shares within 30 days.
Summit Partners’ affiliated entities are the selling stockholders in this transaction. The underwriter may offer the shares through various channels including the New York Stock Exchange and over-the-counter markets at prevailing market prices or negotiated rates.
Klaviyo noted that the offering remains subject to market conditions, with no assurance regarding its completion timeline or final terms. The move represents a significant secondary offering following Klaviyo’s initial public offering last year.
The company’s stock reaction reflects typical market response to large insider selling events, which can sometimes signal reduced confidence from early investors, though such transactions are also normal parts of private equity investment cycles.
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