Shares of ZoomInfo Technologies (NASDAQ:ZI), a cloud-based market-intelligence platform, fell today after the company announced the pricing of its secondary offering.
The tech stock was down by 10.3% at the end of the trading day.
ZoomInfo said in a press release yesterday that the company's secondary offering will open up 12.5 million shares of Class A common stock at $45 per share. Additionally, the selling stockholders have the option to sell an additional 1.875 million shares.
ZoomInfo said that it's not selling any shares of Class A common stock and won't receive any proceeds from the sale of the stock. Instead, the shares will be sold by investment funds affiliated with TA Associates, The Carlyle Group, and 22C Capital LLC, according to a company statement.
ZoomInfo said that the secondary offering is expected to close on Dec. 4.
ZoomInfo investors don't appear to be happy with the company's secondary offering and have driven the company's share price down 16% since the initial announcement of the offering on Nov. 30.
ZoomInfo went public back in June and since then, its stock has been on a wild ride. After initially skyrocketing 62% on its first day of trading, the company's shares have seen a fair amount of volatility since the summer. With today's drop, ZoomInfo's stock is up 26% since its IPO.