CPI Card tumbles as PE backer Parallel49 to exit
PMTS•Parallel49 to sell shares
PMTS said affiliates of private equity firm Parallel49 Equity will offload about 2.34 million shares.
If the full overallotment is exercised, Parallel49 would divest its remaining holdings, according to the prospectus.
Trading details and market context
Littleton, Colorado-based PMTS has about 11.5 million shares outstanding, for a market cap of about $310 million.
B. Riley Securities and D.A. Davidson are joint bookrunners for the offering.
PMTS stock closed down 4.6% at $26.94 on Thursday, trimming its year-to-date gain to 83%.
All four analysts covering the stock rate it "buy"; the median price target is $33, according to LSEG data.
Shares fall after secondary offering begins
Payments technology firm CPI Card Group shares were down 14.6% at $23 post-market after a secondary offering commenced.
Tricor Pacific shows interest in buying shares
Family office Tricor Pacific Capital, an indirect equity holder of Parallel49, has indicated interest in purchasing approximately 550,000 shares in the offering.
