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Circle Announces Secondary Offering Amid Volatile Trading
Circle Announces Secondary Offering Amid Volatile Trading
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BTCCSquare news:
Circle's stock tumbled 6% in after-hours trading following its announcement of a 10 million share secondary offering. The stablecoin issuer plans to sell 2 million new Class A shares while existing stockholders offload 8 million. This MOVE comes just two months after its market debut saw shares surge 450% from their $31 IPO price.
The offering includes a greenshoe option for underwriters to purchase an additional 1.5 million shares. Despite the recent pullback from its $299 peak, Circle shares remain significantly above their June IPO level. The company reported a $428 million Q2 loss earlier Tuesday, adding pressure to the stock.
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