Shares of McAfee Corp. MCFE, -8.75% slumped 2.8% in premarket trading Wednesday, after the cybersecurity company announced a public offering of 20 million shares by selling stockholders. The sellers have granted the underwriters of the offering options for an additional 3 million shares to cover overallotments. The company said it will not receive any proceeds from the offering. Based on Tuesday’s stock closing price of $27.09, the offering could be valued at up to $623.1 million if the underwriters exercise the full allotment of options, which would represent about 5.3% of McAfee’s market capitalization of $11.77 billion. McAfee’s stock has soared 62.3% year to date through Tuesday, while the ETFMG Prime Cyber Security ETF HACK, -1.07% has gained 13.7% and the S&P 500 SPX, -0.13% has advanced 20.3%.
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