: Lemonade stock pares session gains after announced secondary offering

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Lemonade Inc.’s LMND stock pared regular session gains late Monday after the mobile-based insurance company announced a secondary offering a little over six months after it went public. Lemonade shares fell 6% after hours, following a 14% rally to end the regular session at $183.26. The company said it intends to offer 3 million shares, with underwriters getting an option for nearly 700,000 shares to cover overallotments, to finance general corporate purposes. Additionally, Lemonade said that existing shareholders intend to offer 1.5 million shares, of which the company will not receive proceeds. The company already has 57 million shares outstanding. Lemonade went public back in July, when shares soared 139% to close at $69.41 on their first day of trading.
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