Stock Track | Alignment Healthcare Plummets 5.14% Intraday as General Atlantic Exits via Secondary Offering

Stock Track

03/03

Alignment Healthcare Inc. (ALHC) shares plummeted 5.14% during Tuesday's intraday session.

The sharp decline is attributed to private equity firm General Atlantic cashing out its remaining stake in the company through a secondary public offering.

The offering of 13.2 million shares was priced at $19.46 each, representing a slight discount to the stock's previous close. General Atlantic is offloading its entire remaining position of approximately 6.5% in the senior healthcare provider. The company will not receive any proceeds from the sale, which is being underwritten by JP Morgan.

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(ALHC) shares plummeted 5.14% during Tuesday's intraday session.</p><p>The sharp decline is attributed to private equity firm General Atlantic cashing out its remaining stake in the company through a secondary public offering.</p><p>The offering of 13.2 million shares was priced at $19.46 each, representing a slight discount to the stock's previous close. General Atlantic is offloading its entire remaining position of approximately 6.5% in the senior healthcare provider. 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