Circle (CRCL) is set to offer 10 million shares in a secondary stock sale, with each share priced at $130, marking a significant increase from its initial public offering price back in June.
The stablecoin issuer, known for its USDC token, disclosed in a filing with the U.S. Securities and Exchange Commission (SEC) on Tuesday that it will be offering 2 million shares of Class A common stock, while existing shareholders will be offering the remaining 8 million shares.
The company intends to utilize the proceeds from the share sale for general corporate purposes, with no proceeds expected to go to the existing shareholders selling their shares.
Following its debut on the New York Stock Exchange in early June at a price of $31, the shares experienced a surge in trading, climbing as much as 235% on the first day and closing at $83. However, the stock reached a peak of $298.99 on June 23 and closed at $139.23 on Thursday, reflecting a decline of more than 9% for the day.
Currently, CRCL shares are trading 1.63% lower at $136.98 in pre-market trading.
