LifeStance Health Group Inc. (NASDAQ: LFST) announced that certain stockholders plan to offer 35 million shares of common stock in a secondary public offering. The company will not sell any shares or receive proceeds from the transaction.

The mental health services provider disclosed that existing stockholders will receive all proceeds from the offering. J.P. Morgan serves as the underwriter for the transaction.

LifeStance authorized the concurrent purchase of 6 million shares from the underwriter at the same price paid to selling stockholders. The company stated the share repurchase is subject to completion of the offering and other standard conditions. The underwriter will not receive fees for shares being repurchased.

The offering operates under an automatic shelf registration statement filed with the Securities and Exchange Commission on May 21, 2024. The registration became effective upon filing.

LifeStance operates as a provider of virtual and in-person outpatient mental health care services. The company employs over 8,300 psychiatrists, advanced practice nurses, psychologists and therapists across 33 states and more than 550 centers, according to the company statement.

The Scottsdale, Arizona-based company was founded in 2017 and went public through its listing on Nasdaq under the ticker LFST.