Benzinga | Sep 8, 2021 03:22PM EDT

Why Bumble Shares Are Falling

Bumble Inc (NASDAQ:BMBL) shares are trading lower by 3.4% at $55.82 after the company announced an offering of 15 million shares of common stock by selling shareholders.

Bumble says the company is not selling any shares of Class A common stock in the offering and will not receive any of the proceeds from the sale. Bumble will bear the costs associated with the sale of such shares, other than the underwriting discounts.

Bumble is engaged in offering online dating services. The company operates two apps, Bumble and Badoo, where users discover new people and connect with each other.

Bumble has a 52-week high of $84.80 and a 52-week low of $38.91.