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.