Several Five Below (NASDAQ:FIVE) insiders are cashing out of some of their stock. The company announced that a 6 million-share issue to be floated in a secondary public offering will carry a price tag of $36.00 per share. Additionally, its underwriters have been granted a 30-day purchase option for up to an additional 900,000 shares.
The selling stockholders are "certain members" of the company's management team and board of directors.
Five Below stressed that it will not receive any proceeds from the issue, as it is not the selling party.
The joint book-running managers of the offering are Goldman Sachs, Leucadia's Jefferies, Barclays' Capital unit, and the Securities arms of Credit Suisse, Deutsche Bank.
At the moment, Five Below has a little more than 54 million shares outstanding, and its stock trades at $35.79 per share.
Fool contributor Eric Volkman has no position in any stocks mentioned. The Motley Fool recommends Goldman Sachs. 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.
More from The Motley Fool
Is This the Best Discount Retailer Stock on the Market?
A chain focused on the $5-or-less price point remains one of the hottest deep discounters.
Why Dave & Buster's Entertainment, Axovant Sciences, and Five Below Slumped Today
Even on another solid market day, these stocks fell. Find out why.
Why Five Below Inc. Stock Dropped Today
Shares of the discount retailer pulled back as its guidance for the current quarter wasn't as strong as expected.