LZ - Why LegalZoom Stock Dove by Nearly 11% This Week
2023-09-08 17:51:06 ET
The market delivered an unfavorable verdict on LegalZoom 's (NASDAQ: LZ) stock this week, with investors bidding its share price down by almost 11%, according to data compiled by S&P Global Market Intelligence . News that a major shareholder selling its stake was the main catalyst of the sell-off.
LegalZoom, which provides online legal services, said Wednesday that the stakeholder is selling 13 million common shares in an underwritten public offering. The underwriters have been granted a 30-day option to purchase an additional 1.95 million shares.
The offering has been priced at $10 per share -- noticeably below the $11.29 per share price where the stock closed last Friday.
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Why LegalZoom Stock Dove by Nearly 11% This Week