05:01 PM EDT, 09/12/2024 (MT Newswires) -- Similarweb ( SMWB ) shares slumped over 11% in after-hours activity on Thursday after disclosing plans for a secondary offering of 3.5 million shares held by one of the company's longtime board members.

Joshua Alliance, through his Anglo-Peacock Nominees investment vehicle, currently holds slightly more than 12.9 million ordinary shares of Similarweb ( SMWB ), the company said in a preliminary prospectus.

Alliance now owns just under 16% of Similarweb's ( SMWB ) outstanding stock. That stake would shrink to around 11% if underwriters for the upcoming stock sale fully exercise a 30-day option to buy up to 525,000 additional shares to cover potential overallotments, the company said.

Alliance was the largest individual shareholder of the company as of February based on a previous filing with the US Securities and Exchange Commission.

Price: 8.50, Change: -1.07, Percent Change: -11.18