CRCL Plunges Post-10 Million Share Offering by Holders and Circle
Circle Internet Group Inc. shares fell following the announcement of a joint offering to sell 10 million shares
Quick overview
- Circle Internet Group Inc. shares dropped 5.3% following a joint offering to sell 10 million shares.
- The offering includes 2 million shares from Circle and 8 million from shareholders, potentially generating $1.63 billion.
- The pricing for the share sale is scheduled for Thursday night, according to unnamed sources.
- Since its IPO in June, Circle's stock price has surged over 426%.
Circle Internet Group Inc. shares fell following the announcement of a joint offering to sell 10 million shares by the second-largest stablecoin issuer and a group of shareholders, including co-founder and CEO Jeremy Allaire.
According to a filing made with the US Securities and Exchange Commission on Tuesday, Circle is offering 2 million shares, while the selling shareholders are selling 8 million. The share sale would generate $1.63 billion at Tuesday’s closing price of $163.21 per share.
The stock fell 5.3 percent, to $ 154.51 in New York’s post-market trading on Tuesday.
The offering is set to price on Thursday night, according to people familiar with the matter, who asked not to be identified as the information isn’t public. Circle went public in June with an IPO that raised $1.02 billion. Since then, its stock price has increased by more than 426 percent as of Tuesday’s close in New York.
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