Torrid tumbles after deep-discounted stock sale by PE sponsor, CEO
Shares of women's apparel seller Torrid Holdings CURV.N tumble 27.1% premarket to $3.72, lowest since early Dec, after overnight secondary offering
California-based firm late Tues announced pricing 10 mln shares at $3.50, a 31.4% discount to last sale
In addition, co to concurrently repurchase $20 mln worth of shares from private equity firm Sycamore Partners
Along with Sycamore, which is selling 9.65 mln shares in the offering, CEO Lisa Harper parting ways with 350,000 shares, per prospectus filing
Following the transactions, Sycamore owns ~60.4 mln shares, for ~60% stake, and Harper's stake goes to 4.8%
BofA, Jefferies, and William Blair jt lead bookrrunners for the secondary offering, joined by BTIG
As of last close, CURV shares off 2.5% YTD
Of 6 analysts covering CURV, 1 rates "strong buy", 3 rate "hold" and 2 rate "sell" and median PT is $5 - latest LSEG data reflects
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