Torrid tumbles after deep-discounted stock sale by PE sponsor, CEO

Torrid Holdings

25/06/2025 11:56

** Shares of women's apparel seller Torrid Holdings CURV.N tumble 27.1% premarket to $3.72, lowest since early Dec, after overnight secondary offering

** California-based firm late Tues announced pricing 10 mln shares at $3.50, a 31.4% discount to last sale

** In addition, co to concurrently repurchase $20 mln worth of shares from private equity firm Sycamore Partners

** Along with Sycamore, which is selling 9.65 mln shares in the offering, CEO Lisa Harper parting ways with 350,000 shares, per prospectus filing

** Following the transactions, Sycamore owns ~60.4 mln shares, for ~60% stake, and Harper's stake goes to 4.8%

** BofA, Jefferies, and William Blair jt lead bookrrunners for the secondary offering, joined by BTIG

** As of last close, CURV shares off 2.5% YTD

** Of 6 analysts covering CURV, 1 rates "strong buy", 3 rate "hold" and 2 rate "sell" and median PT is $5 - latest LSEG data reflects

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@thomsonreuters.commailto:lance.tupper@tr.com 1-646-279-6380))