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Shares of the insurance platform SelectQuote (NYSE: SLQT) dropped by more than 11% today after the company announced a proposed secondary offering of common stock.
SelectQuote is a platform that assists consumers in purchasing senior health, life, auto, and home insurance policies from a curated panel of the nation's leading insurance carriers.
The company announced after Monday's market close a secondary public offering of 10.6 million shares of common stock by existing stockholders, including the private equity firm Brookside Equity Partners.