Why has Oddity Tech stock dropped today?

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ODDITY Announces Secondary Offering of Class A Ordinary Shares

March 12, 2024 4:16 PM EDT

NEW YORK, March 12, 2024 (GLOBE NEWSWIRE) -- ODDITY Tech Ltd. (ODDITY) today announced the commencement of an underwritten secondary public offering of 4,000,000 of ODDITYs Class A ordinary shares (Ordinary Shares) by a fund managed by L Catterton (the Selling Stockholder). The Selling Stockholder intends to grant the underwriters a 30-day option to purchase up to an additional 600,000 Ordinary Shares.

ODDITY is not selling any Ordinary Shares in the offering and will not receive any proceeds from the sale of the shares being offered by the Selling Stockholder.

Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Morgan... More