CPI Card tumbles as PE backer Parallel49 to exit
BUZZ-CPI Card tumbles as PE backer Parallel49 to exit ** Payments technology firm CPI Card Group PMTS.O shares down 14.6% at $23 post-market after secondary offering commences
** PMTS says affiliates of private equity firm Parallel49 Equity to offload ~2.34 mln shares
** If full overallotment is exercised, Parallel49 would divest its remaining holdings, per the prospectus
** Family office Tricor Pacific Capital, an indirect equity holder of Parallel49, has indicated interest in purchasing approx 550,000 shares in offering
** Littleton, Colorado-based PMTS has ~11.5 mln shares outstanding for about $310 mln market cap
** B. Riley Secs and D.A. Davidson joint bookrunners for offering
** PMTS stock closed down 4.6% at $26.94 on Thurs, trimming YTD gain to 83%
** All 4 analysts covering the stock rate it "buy"; median PT $33, per LSEG data
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))
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