Benzinga | Sep 16, 2021 08:36AM EDT

Figs Prices Equity Offering By Selling Shareholders At Discount

* Healthcare apparel brand Figs Inc (NYSE:FIGS) has announced the pricing of a secondary offering of 8.917 million shares of Class A common stock by its largest stockholder Tulco, LLC, and certain members of the company's management team, at $40.25 per share.

* The price represents a 1% discount to Figs' closing price of $40.66 on September 15, 2021.

* The underwriters have a 30-day option to purchase an additional 1.3 million shares of Class A common stock from the selling stockholders.

* Earlier, the selling stockholders planned to sell 8.8 million shares in the offering. The offering is expected to close on September 20, 2021.

* Figs will not receive any proceeds from the sale of shares in the offering.

* Price Action: FIGS shares are trading higher by 0.66% at $40.93 in premarket on the last check Thursday.