Published on 12 Aug 2021 on SmarterAnalyst via Yahoo Finance
Petco Health Announces Secondary Offering of 22M Shares
Petco Health and Wellness Company, Inc. (WOOF) announced that its principal stockholder, Scooby Aggregator, LP plans to sell 22 million shares of its common stock via an underwritten secondary offering. Shares of the pet health and wellness company have declined 16.4% since its IPO in January this year.
In addition, the underwriters will be granted a 30-day option to purchase up to an additional 3.3 million shares. All the proceeds will go to the seller, Scooby Aggregator.
The Company stated that it is not selling any shares in its personal capacity and will not receive any proceeds from the seller or the underwriters if they exercise their option. (See Petco Health stock analysis on TipRanks)