Vivid Seats extends drop after secondary offering priced

Vivid Seats

08/12/2023 14:14

** Shares of Vivid Seats  SEAT.O  down 2.1% at $6.62
premarket after online ticket broker's secondary offering priced
    ** Co announces 18.5 mln shares sold by private equity firm
GTCR at $6.50
    ** Co also says will buy 2 mln of offering shares from the
underwriters
    ** SEAT's shares on Thurs dropped 17%, their biggest one-day
decline on record, to $6.76 a day after co launched offering
    ** Chicago-based GTCR's stake in SEAT reduced from 48.5% to
40.1%, or 87.3 mln shares, per the prospectus filing
    ** Prior to offering launch, SEAT shares had rallied 30%
since co on Nov 7 posted Q3 rev beat of $188 mln, up 20% yr/yr,
boosted 2023 rev guidance and announced Vegas.com acquisition
        ** YTD, stock down ~7% through Thurs
  
     ** Citigroup, Morgan Stanley and BofA jt bookrunnners for
the offering

 (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))