Benzinga | Sep 15, 2021 06:05AM EDT

CS Disco Selling Shareholders Offload $292M Stock Via Equity Offering

* CS Disco Inc (NYSE:LAW) priced 5.5 million shares by selling shareholders at $53 per share to raise $291.5 million in a secondary public offering.

* The offer price implies a 0.4% discount to CS Disco's September 14 closing price of $53.23. The company's stock declined 7% yesterday, after the announcement about the stock sale.

* The underwriters have a 30-day option to purchase additional shares up to 0.55 million.

* CS Disco will not receive any proceeds from the share sale.

* Price Action: LAW shares closed lower by 7.36% at $53.23 on Tuesday.