Why Genius Sports Stock Lost More Than 6% of Its Value Today
Genius Sports (NYSE: GENI), a company that provides data services to a host of professional athletic organizations, wasn't looking like a dominant player on Thursday. Its share price fell by more than 6% on news of a stock sale, on a day when the S&P 500 index rose by 0.8%.
The seller is an entity called Maven TopHoldings, which is unloading 20 million ordinary shares of Genius Sports in an underwritten public offering priced at $5.35 per share. The sale's underwriter, Goldman Sachs, has also been granted a 30-day option to collectively buy up to an extra 3 million shares of the company.
Currently, Maven TopHoldings owns just over 54.3 million ordinary shares, giving it slightly more than 25% of Genius Sports' shares outstanding. Following the sale, its holdings will be cut to anywhere from 14.5% to 15.8%, depending on Goldman Sachs' take-up of that underwriter option.
Source Fool.com
