Squarespace Inc (NYSE:SQSP) shares are trading lower by 6.2% to $28.55 Thursday morning after the company revealed that a major investor, General Atlantic, plans to sell 6 million shares of Squarespace’s Class A common stock in a secondary public offering.
Additionally, the investor may grant the underwriter the option to purchase up to 900,000 more shares.
Notably, all shares in this offering will be sold by General Atlantic, with Squarespace itself not receiving any proceeds from these sales.
J.P. Morgan Securities LLC is serving as the lead book-running manager and as underwriter for the offering.
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According to data from Benzinga Pro, SQSP has a 52-week high of $10.00 and a 52-week low of $0.20.
