GAMB - Why Gambling.com Stock Is Plummeting Today
2023-06-15 11:31:22 ET
Gambling.com (NASDAQ: GAMB) stock is sinking Thursday. The online-gambling marketing company's share price was down 10.2% in today's trading session as of 11 a.m. ET, according to data from S&P Global Market Intelligence .
Gambling.com published a press release after the market closed yesterday announcing a substantial secondary stock sale. While the offering will not increase the total amount of shares outstanding or dilute existing shareholders, the large sale is putting downward pricing pressure on the stock.
Per Gambling.com's press release, a group consisting of Edison Partners IX, Mark Blandford, and Gerard J. Hall have launched an underwritten secondary offering to sell 4.25 million shares of the company's common stock. The underwriters of the offering will also have a 30-day option to purchase an additional 637,500 ordinary shares of Gambling.com stock.
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Why Gambling.com Stock Is Plummeting Today