Bumble Inc BMBL shares are trading lower by 8.72% to $22.40 Friday morning after the company announced a 13.75 million share secondary offering by selling shareholders has been priced at $22.80 per share.
The offering of Bumble’s Class A common stock is by certain selling stockholders affiliated with Blackstone and its founder, Whitney Wolfe Herd.
Blackstone has also granted the underwriters a 30-day option to purchase up to an additional 2,062,500 shares of Bumble’s Class A common stock.
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The offering is expected to close on March 8, subject to customary closing conditions.
Bumble says the company is not selling any shares of Class A common stock in the offering and will not receive any of the proceeds from the sale. Bumble will bear the costs associated with the sale of such shares, other than the underwriting discounts.
According to data from Benzinga Pro, Bumble has a 52-week high of $39.33 and a 52-week low of $15.41.