Genius Sports Secondary Offering of 20M Shares by Selling Shareholder
Portfolio Pulse from Benzinga Newsdesk
Genius Sports Limited (NYSE:GENI) has announced the commencement of a public offering of 20 million ordinary shares by an affiliate of investment funds advised by Apax Partners LLP. The underwriter has a 30-day option to purchase up to an additional 3 million shares. Genius Sports is not selling any shares and will not receive any proceeds from the offering.
September 14, 2023 | 11:06 am
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NEGATIVE IMPACT
Genius Sports is not selling any shares and will not receive any proceeds from the offering. This could potentially dilute the value of existing shares.
The public offering of 20 million shares by an affiliate of Apax Partners could dilute the value of existing shares of Genius Sports. This is because the total number of shares in circulation will increase, but Genius Sports itself is not selling any shares and will not benefit from the proceeds. This could potentially lead to a decrease in the stock price.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100