CPI Card Group Inc. (NASDAQ:PMTS) shares fell 14.37% to $23.07 in after-hours trading Thursday after the company announced a proposed secondary public offering of common stock by a major stockholder.
CPI Card Group is a payments technology company providing physical and digital payment solutions.
Secondary Offering
Stockholders affiliated with Parallel49 Equity have commenced an underwritten secondary public offering of 2.34 million shares of the Company’s common stock. The selling stockholders are also expected to grant underwriters a 30-day option to purchase up to an additional 350,598 shares.
The offering is subject to market conditions, with no assurance as to whether or when it will be completed.
