MediaAlpha drops on secondary stock offering

White Mountains Insurance

08/03/2024 14:19

** Shares of MediaAlpha  MAX.N  down 9.4% at $19.70
premarket after insurance customer acquisition platform
announced secondary offering
    ** Co late Thurs said certain holders selling 3 mln shares
with JP Morgan as sole underwriter
    ** Private equity firm Insignia Capital Partners offloading
2.95 mln shares, per the SEC prospectus filing
    ** Offering would cut Insignia's Class A shares holdings to
~5.8 mln shares
    ** MAX has ~65.4 mln total shares outstanding
    ** P&C insurance firm White Mountains Insurance  WTM.N  is
top MAX investor with ~22.86 mln shares, or ~48% stake, LSEG
data shows
    ** Through Thurs close, MAX's shares gained 95%

 (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))