PowerSchool slides on secondary share offering

PowerSchool Holdings

01/03/2023 14:23

** PowerSchool Holdings Inc's  PWSC.N  shares down 13.5% at
$19.86 before the bell after secondary offering prices
    ** K-12 education software firm announces 8.7 mln shares
sold by stockholders Onex Partners, Vista Equity Partners and
its CEO at $21, 8.5% discount to last sale
    ** Onex's PWSC holdings go to ~71 mln shares, while Vista's
holdings cut to ~34 mln shares, per prospectus filing
    ** PWSC has ~199.6 mln total shares outstanding
    ** Goldman Sachs and Barclays jt bookrunners for offering
    ** Through Tues close, PWSC shares have gained ~46% over the
past year and are above $18 Jul 2021 IPO price

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))