Shares of beauty company Coty Inc. are trading lower in Tuesday’s late trading session after the company announced the commencement of a registered public secondary offering of 50 million shares of its Class A common stock by KKR Rainbow Aggregator L.P.
At 6:05 p.m. EDT, shares of Coty were trading 8.51% lower at $9.28. Volume at the time topped 430,000 shares.
The company’s stock finished the day’s regular-trading session with a 2.11% loss, closing at $9.28.
Coty said it isn’t selling any shares and won’t receive any proceeds from the proposed offering.