Asia FX muted, dollar weakens slightly ahead of Fed rate decision
Investing.com -- VeriSign, Inc. (NASDAQ:VRSN) stock declined 6.5% in pre-market trading after Berkshire Hathaway (NYSE:BRKa) priced a secondary offering of 4.3 million shares at $285.00 per share.
The offering, which represents a significant discount to VeriSign’s previous closing price of $305.98, is being conducted by affiliates of Berkshire Hathaway who have been stockholders in the company since 2012. The selling stockholders will receive all proceeds from the offering, with VeriSign not selling any shares or receiving any proceeds.
According to the announcement, the offering is specifically sized to reduce Berkshire Hathaway’s beneficial ownership below the ten percent threshold that would trigger additional regulatory obligations. J.P. Morgan Securities LLC is acting as the sole underwriter for the transaction.
Berkshire Hathaway has voluntarily agreed to a 365-day lock-up period for its remaining VeriSign shares following the offering. The selling stockholders have also granted the underwriter a 30-day option to purchase up to an additional 515,032 shares of common stock.
The secondary offering is expected to close on July 30, 2025, subject to customary closing conditions.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.