Intuit Announces Pricing Of Secondary Offering Of About 1.55 Mln Shares At $668.95/shr

(RTTNews) - Intuit (INTU) announced the pricing of an underwritten secondary offering by certain entities affiliated with Dan Kurzius, co-founder of Mailchimp of about 1.55 million shares of the company's common stock at a public offering price of $668.95 per share. The shares are expected to be delivered on or about December 1, 2021.

The 1.55 million shares, which represent about 15.3% of the shares issued by the Company as partial consideration for the Company's acquisition of The Rocket Science Group LLC (d/b/a Mailchimp), are being sold in order to satisfy certain tax obligations and for estate planning purposes.

The Selling Stockholder will receive all of the net proceeds from the offering. The company is not selling any shares of common stock in the offering and will not receive any proceeds from the offering, Intuit said in a statement.

Goldman Sachs & Co. LLC is acting as sole book-running manager for the offering.

INTU closed Monday regular trading at $694.66 up $27.75 or 4.16%. But in the after-hours trade, the stock dropped $22.66 or 3.26%.