Benzinga | Jul 9, 2021 06:59AM EDT

SMART Global Launches Secondary Equity Offering By Selling Stakeholders Affiliated With Silver Lake

* Certain selling shareholders affiliated with Silver Lake are selling 3 million shares in Memory, storage, and hybrid solutions provider SMART Global Holdings Inc (NASDAQ:SGH) in a secondary public offering.

* The company will not receive any of the proceeds from the stock sale.

* Morgan Stanley & Co. LLC is the sole underwriter for the proposed offering.

* The shares traded higher by 13.4% at $53.94 on Wednesday after the company reported better-than-expected Q3 EPS and sales results. The company also issued Q4 EPS and sales guidance above analyst estimates.

* Price action: SGH shares closed lower by 4.84% at $53.31 on Thursday.