Pattern Group edges up after Knox Lane's $152 mln stake sale
BUZZ-Pattern Group edges up after Knox Lane's $152 mln stake sale ** E-commerce accelerator Pattern Group's PTRN.O shares up 0.6% to $19.29 before the bell on Weds after $152 mln secondary offering priced
** Lehi, Utah-based PTRN announced 8 mln shares sold by Knox Lane at $19
** PTRN's stock closed at $20.96 on Fri, just prior to offering launch early Mon
** Sale takes investment firm Knox Lane's stake from 18.2% to 13%, per the prospectus
** JP Morgan and Goldman Sachs lead bookrunners for offering
** Knox Lane did not sell any shares in PTRN's Sept IPO, which priced at $14
** PTRN's stock has rallied sharply since hitting record intraday low of $8.92 on Feb 24 amid a selloff in the software sector
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))