ZoomInfo’s stock drops after stockholders look to sell 12 million shares

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Shares of ZoomInfo Technologies Inc. dropped 2.8% in premarket trading Tuesday, after the newly public sales and marketing software company filed for the sale of 12 million Class A shares by selling stockholders. That represents about 23% of the Class A shares outstanding. The company will not receive any proceeds from the sale of shares. The selling stockholders include funds affiliated with the Carlyle Group , 22C Capital LLC and TA Associates. J.P. Morgan and Morgan Stanley are the lead book-running managers of the offering. ZoomInfo went public on June 4, when it closed at $34.00, or 61.9% above the initial public offering price of $21. Since the, the stock has climbed 16.5%, while the S&P 500 has gained 8.7%.
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