DLocal (DLO) Drops on 4th Day as Shareholder Disposes 15 Million Shares

We recently published 10 Major Stocks Collapse. DLocal Limited (NASDAQ:DLO) is one of the worst performers on Thursday.

DLocal extended its losing streak to a fourth consecutive day on Thursday, slashing 7.82 percent to end at $12.84 apiece as investor sentiment was dampened by the sale of a large shareholder’s stake for $191.25 million.

In a statement, DLocal Limited (NASDAQ:DLO) said that its existing stockholder, General Atlantic, is looking to dispose its shares in the company through the sale of 15 million common shares at a price of $12.75 apiece.

While the offer would not result in any dilution, investors viewed the overall sale in a negative light.

According to DLocal Limited (NASDAQ:DLO), it will not receive any proceeds from the offering.

In line with the transaction, General Atlantic also granted the underwriters an option to purchase up to additional 2.25 million shares at the same offer price.

The offering is expected to close tomorrow, September 5.

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Disclosure: None. This article is originally published at Insider Monkey.