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Investing.com -- SharkNinja, Inc. (NYSE:SN) shares fell 4.7% in after-hours trading on Wednesday following the announcement of a secondary offering of 5 million ordinary shares by certain selling shareholders.
The selling shareholders, affiliated with CJ Xuning Wang, Chairperson of SharkNinja’s board of directors, have commenced an underwritten public offering. They also intend to grant the underwriters a 30-day option to purchase up to an additional 750,000 ordinary shares.
SharkNinja, a global product design and technology company, will not sell any ordinary shares in the offering and will not receive any proceeds from the sale. The secondary offering represents existing shareholders selling their stakes rather than new shares being issued by the company.
J.P. Morgan and BofA Securities are serving as joint lead book-running managers for the proposed offering. The announcement comes as part of the selling shareholders’ strategy to monetize a portion of their holdings in the company.
Secondary offerings often cause temporary pressure on stock prices as the market adjusts to the potential increase in available shares, which appears to be reflected in SharkNinja’s after-hours stock movement.
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