09:06 AM EDT, 09/13/2024 (MT Newswires) -- Similarweb ( SMWB ) said Friday that a public offering by a selling stockholder of 3.5 million shares was priced at $7.85 per share for total proceeds of $27.5 million.

The selling stockholder granted the underwriters a 30-day option to purchase up to 525,000 additional shares at the public offering price.

Similarweb ( SMWB ) will not receive any proceeds from the offering, which is expected to close Sept. 16.

Shares of the company fell more than 13% in Friday's premarket trading.

Price: 8.25, Change: -1.32, Percent Change: -13.79