CCC Intelligent Solutions Prices Secondary Offering of 65M Shares at $10.50/Share
Portfolio Pulse from Benzinga Newsdesk
CCC Intelligent Solutions Holdings Inc. (NASDAQ:CCCS) has priced its secondary offering of 65 million shares at $10.50 per share. The offering, which is an increase of 15 million shares from the previously announced size, is expected to close on November 13, 2023. The shares are being sold by affiliates of Advent International, L.P., and CCC Intelligent Solutions will not receive any proceeds from the sale.
November 09, 2023 | 7:40 am
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CCC Intelligent Solutions has priced its secondary offering at $10.50 per share. The company will not receive any proceeds from the sale, which is being conducted by affiliates of Advent International.
The secondary offering could lead to a dilution of shares, which might put downward pressure on the stock price. However, the fact that the company will not receive any proceeds from the sale could be seen as a neutral or even negative signal by investors, as it indicates that the company is not raising capital for growth or debt repayment. Therefore, the short-term impact on the stock price is uncertain.
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