Intuit (INTU) Stock Falls as Mailchimp Co-Founder to Sell ~1.55M Shares

November 29, 2021 5:48 PM EST

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Intuit (NASDAQ: INTU) shares fell 2.5% after-hours after the made an announcement, according to which it will offer 1,548,700 shares of its common stock in an underwritten secondary offering, the net proceeds of which will be received by the selling shareholders.

The selling shareholder was certain entities affiliated with Dan Kurzius, co-founder of Mailchimp, which Intuit acquired recently for $12 billion in cash and stock. The 1,548,700 shares represent approximately 15.3% of the shares issued as part of the deal.

Goldman Sachs & Co. LLC is acting as sole book-running manager for the offering.

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