Benzinga | Jul 29, 2021 05:44AM EDT

ThredUp Raises $48.5M Via Secondary Equity Offering At 6% Discount

* Online resale platform ThredUp Inc (NASDAQ:TDUP) priced 6.4 million shares at $24.25 per share in its secondary public offering.

* The offer price implies a 6% discount to ThredUp's Tuesday closing price of $25.87.

* ThredUp offered 2 million shares. The estimated gross proceeds are $48.5 million. Existing shareholders sold 4.4 million shares, for which the company will not receive any proceeds.

* The underwriters have a 30-day option to purchase additional shares up to 0.96 million shares.

* The offering proceeds will serve working capital, other general corporate purposes and fund its growth strategies.

* Price action: TDUP shares traded higher by 2.02% at $25.00 in the premarket session on the last check Thursday.