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.
Fool contributor Eric Volkman has no position in Francesca's Holdings. The Motley Fool has no position in Francesca's Holdings. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.