A sizable block of Francesca's Holdings (NASDAQ:FRAN) stock is being sold by key shareholders in a secondary offering.
CCMP Capital Advisors and "certain members of management" of Francesca's are selling a total of just under 7.4 million shares, the company announced in a press release Tuesday. Following the sale, CCMP (offering 7.25 million of the shares) will hold no stake in the women's apparel retailer. It currently owns a 16.4% stake.
The selling stockholders include the company's chief merchandising officer, chief operating officer/president, and vice president of finance and investor relations.
In the press release announcing the move, Francesca's stressed that it will not receive any monies derived from the offering. It specified neither the price nor the timing of the sale.
The company currently has roughly 43.9 million shares outstanding, so 7.4 million shares is 16.9% of that total. Jefferies is the sole underwriter of the issue.