Shares of ThredUp (NASDAQ: TDUP) were soaring 12.3% in morning trading Thursday after the online secondhand clothing retailer priced a secondary offering of 6.4 million shares at $24.25 per share, even though that was below yesterday's closing price of $24.51 per share.
ThredUp is issuing 2 million new shares while insiders are selling 4.4 million shares. Gross proceeds are estimated to be $48.5 million and will be used for working capital, general corporate purposes, and to fund the online retailer's growth strategies. An additional 960,000 shares can be purchased by the offering's underwriters within 30 days.
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For further details see:
Why ThredUp Is Soaring Today