MediaAlpha shares are trading lower after the company announced the pricing of its underwritten secondary public offering of 6,600,000 shares of Class A common stock by White Mountains Insurance Group and Insignia Capital Group at an offering price of $19 per share.
Portfolio Pulse from Benzinga Newsdesk
MediaAlpha's stock trades lower following the announcement of a secondary public offering of 6.6 million shares by White Mountains Insurance Group and Insignia Capital Group, priced at $19 per share.
May 08, 2024 | 12:36 pm
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MediaAlpha's shares are trading lower due to the secondary public offering of 6.6 million shares by major shareholders at $19 each.
The announcement of a secondary public offering typically leads to a short-term decrease in stock price due to the dilution of existing shares and the perception of the offering price as a benchmark. In this case, the offering by significant shareholders at $19 per share, which is likely below recent trading prices, has led to a negative market reaction.
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