OPENLANE (OPLN) reported Tuesday it has launched a secondary public offering of 8 million shares held by Apax Partners' fund, Ignition Acquisition.
The underwriter will offer the shares over time through negotiated transactions, and OPENLANE will not receive any proceeds from the sale.
Additionally, the company plans to buy back up to $25 million worth of those shares from the underwriter.
Shares fell more than 4% in after-hours trading.
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