- The stock price of Intuit Inc. (NASDAQ: INTU) fell by more than 3% after hours today. This is why it happened.
The stock price of Intuit Inc. (NASDAQ: INTU) – the global technology platform that makes TurboTax, QuickBooks, Mint, Credit Karma and Mailchimp – fell by more than 3% after hours today. Investors are responding negatively to the company announcing that certain entities affiliated with Dan Kurzius, co-founder of Mailchimp have commenced an underwritten secondary offering of 1,548,700 shares of the company’s common stock.
The 1,548,700 shares – which represent approximately 15.3% of the shares issued by the company as partial consideration for their acquisition of The Rocket Science Group LLC (d/b/a Mailchimp) – are being sold in order to satisfy certain tax obligations and for estate planning purposes. The selling stockholder will receive all of the net proceeds from the offering. And the company is not selling any shares of common stock in the offering and will not receive any proceeds from the offering.
Goldman Sachs & Co. LLC is acting as sole book-running manager for the offering.
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