Lemonade shares fall 9% after online insurance provider announces secondary stock offering
- Shares of Lemonade fell as much as 9% on Tuesday as the online insurance company announced a secondary stock offering just six months after its IPO.
- Lemonade intends to offer 3 million shares of its common stock for sale and the sale of over 1.5 million shares by insiders they call "selling stockholders" in a secondary offering.
- Shares dipped to as low as $166 on Tuesday.
- Watch Lemonade trade live here.
Lemonade, which is backed by SoftBank, focuses on digitizing the process of obtaining homeowners and renters insurance.
The stock closed up 14% on Monday at $183.26 a share. After Monday's close, the company announced it intends to offer 3 million shares of its common stock for sale and the sale of over 1.5 million shares by insiders they call "selling stockholders" in a secondary offering. Shares dropped in premarket trading and remained low after the market open. Shares dipped to as low as $166.
Lemonade soared 132% in its first day of trading in July 2020 after it went public at $29 per share. The company is now up an additional 144% from the closing price of its IPO day.
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