Landsea Homes stock falls 7% on 2.6M secondary offering
- Landsea Homes (NASDAQ:LSEA) said on Monday that its largest shareholder, Landsea Holdings, launched a secondary offering of 2.6 million shares.
- Shares -7% in after-market hours.
- Landsea Holdings will also grant the underwriters a 30-day option to buy an extra 390,000 shares of LSEA.
- Additionally, LSEA has planned for a concurrent repurchase of 390,000 shares, which it expects to fund with cash on hand.
- LSEA expects members of its senior management team to purchase $450,000 of shares sold by selling stockholders in the offering.
- Press Release.