Circle Announces Secondary Stock Sale of 10 Million Shares
Circle (CRCL) announced a secondary stock sale of 10 million shares, comprising:
- 2 million Class A common stock from the company
- 8 million shares from selling stockholders
- 1.5 million shares underwriter greenshoe option
The company's stock fell 6% in after-hours trading to $154, nearly 50% lower than its peak of $299 but up five-fold from the IPO price of $31. This offering follows Circle's debut on the New York Stock Exchange, which had initially boosted its stock price due to interest in the stablecoin market.
Circle reported a $428 million loss for Q2 earlier on the same day.