05:32 PM EST, 03/05/2024 (MT Newswires) -- Landsea Homes ( LSEA ) said late Tuesday that Landsea Holdings launched a secondary offering of about 2.43 million common shares of the company.

Landsea Holdings, the company's largest stockholder, will grant a 30-day overallotment option to the underwriters to acquire up to 365,217 additional shares, the company said.

Landsea Homes ( LSEA ) said it expects that certain members of its senior management team and board, as well as a family member of its chairman, will acquire up to $867,000 in shares being offered by Landsea Holdings.

The company's shares were down 5.4% in after-hours activity.

Price: 11.45, Change: -0.65, Percent Change: -5.37