UWMC - UWM Holdings rises 18% as principal shareholder terminates secondary offering

UWM Holdings (NYSE:UWMC) up 18% on announcing that SFS Holding, its principal shareholder, has terminated the previously announced secondary offering of Class A Common Stock and concurrent stock repurchase effective immediately, The offering resulted in a share price level at which SFS is not willing to sell. With the termination of the offering, no shares of common stock will be sold by SFS at this time. Instead, the Company intends to accelerate its previously announced buyback program and defer its plans to increase public float to a later date. Mat Ishbia, the Company’s Chairman and CEO stated: “As the principal owner of SFS, I was willing to sell a percentage of our ownership in UWM at less than what I think to be fair value because we were advised that increased float in the public market would be beneficial for the UWMC shareholders, including its largest shareholder, SFS.  Recently, UWM Holdings

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UWM Holdings rises 18% as principal shareholder terminates secondary offering