Torrid tumbles as PE sponsor, CEO to trim stakes in secondary offering

Shares of women's apparel seller Torrid Holdings CURV.N tumble 22% in extended trading to $3.98 after secondary offering launch

California-based firm announces 10 mln shares to be offloaded by existing stockholders

In addition, co to purchase $20 mln worth of shares from private equity firm Sycamore Partners

Along with Sycamore Partners, which is selling 9.65 mln shares in the offering, CEO Lisa Harper parting ways with 350,000 shares, per the prospectus filing

Following the transactions, Sycamore would own ~60.4 mln shares, for ~60% stake, and Harper's stake would be 4.8%

BofA, Jefferies, and William Blair jt bookrrunners for the secondary offering

CURV shares on Tues ended up 0.4% at $5.10. YTD, stock off 2.5%

2 of 7 analysts rate stock "strong buy", 3 rate "hold" and 2 rate "sell"; median PT is $5 - latest LSEG data reflects