The company clarified that it will not receive any proceeds from the primary block of 8.5 million shares being sold by the existing investor. However, Viant granted underwriters a 30-day option to purchase an additional 1.3 million shares directly from the firm’s own treasury. This secondary component represents the only portion of the transaction that will generate capital for the company's balance sheet. Before the announcement, the stock had closed the regular session at $12.37, down 1.8% for the day but still holding a 2.7% gain since the beginning of the year.
In section Market Quotes
Viant Technology Shares Drop as Stockholder Launches 8.5M Share Offering
Investors pushed Viant Technology shares down 11% to $10.98 in after-hours trading Wednesday following news that a major stockholder plans to offload 8.5 million shares. The sell-off interrupted a modest year-to-date rally, as the market reacted to the significant increase in circulating supply from the secondary offering.
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