PMTS CPI Card Group Inc

$PMTS CPI reports pricing of 2.3M shares at $21.50 in secondary public offering CPI Card Group announced the pricing of a registered underwritten secondary public offering of 2,337,323 shares of the Company's common stock to be sold by certain stockholders affiliated with Parallel49 Equity, at a public offering price of $21.50 per share. The underwriters were also granted a 30-day option to purchase up to an additional 350,598 shares of common stock from the selling stockholders at the public offering price, less the underwriting discount. The offering is expected to close on or about September 14, subject to the satisfaction of customary closing conditions. The Company is not offering any shares of common stock in the offering and will not receive any proceeds from the sale of common stock by the selling stockholders. Total gross proceeds from the offering to the selling stockholders, before deducting the underwriting discount and other estimated offering expenses and assuming no exercise of the underwriters' option to purchase additional shares, are expected to be approximately $50.3M. B. Riley Securities and D.A. Davidson & Co. are acting as joint book-running managers for the offering. Lake Street Capital Markets is acting as co-manager for the offering.

$PMTS Is it just me or have we been waiting for this moment of Parallel49 to finally liquidate there position? If in fact this is what they are doing?

CPI Card Group shares fell sharply after shareholders affiliated with Parallel49 Equity, the company’s largest private-equity investor, launched a secondary offering of 2,337,323 common shares. The selling shareholders also granted underwriters a 30-day option to purchase up to 350,598 additional shares. CPI Card Group will not receive any proceeds, with all funds going directly to the selling shareholders. The offering represents a significant block relative to the stock’s roughly 88,000-share average daily trading volume, reinforcing concerns that Parallel49 is reducing its stake and potentially signaling lower confidence. The market reaction was amplified by a broader risk-off environment, as U.S. stocks declined amid oil prices above $100 a barrel and a hotter-than-expected August PPI reading that revived inflation concerns and raised fears of further Fed tightening. $PMTS