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MediaAlpha Shares Fall After Certain Stockholders Offload $322M Stake

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Anusuya Lahiri
·1 min read
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Advertising technology company MediaAlpha Inc (NYSE: MAXpriced 7 million shares by certain selling stockholders at $46 per share, valued at $322 million.

  • The offer price signifies a 1.5% discount to the Thursday closing price of $46.7 and is expected to close on March 23, 2021.

  • The selling stockholders have also granted the underwriters a 30-day option to purchase up to an additional 1.05 million shares.

  • MediaAlpha did not offer any shares and would not receive any proceeds from the offering.

  • The company's revenue rose 51% to $190.2 million in the fourth quarter of FY20. Transaction value rose 51% to $256.9 million. Property & Casualty revenue grew 97% to $123 million. 

  • MAX shares have gained 35.95% in the last quarter.

  • Price action: MAX shares traded lower by 7.66% at $43.13 on the last check Friday.

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