Vita Coco Company shares are trading lower after the company announced a secondary offering of 4.5 million shares of common stock by the selling stockholder.
Portfolio Pulse from Benzinga Newsdesk
Vita Coco Company announced a secondary offering of 4.5 million shares of common stock by the selling stockholder, causing its shares to trade lower.
May 22, 2023 | 4:00 pm
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Vita Coco Company's shares are trading lower due to the secondary offering of 4.5 million shares by the selling stockholder.
The secondary offering of 4.5 million shares by the selling stockholder increases the supply of shares in the market, which can lead to a decrease in the stock price. This is a direct impact on Vita Coco Company's stock price, causing it to trade lower in the short term.
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