Ingram Micro Holding Corp. (INGM) experienced a sharp 24-hour plunge of 10.17% in post-market trading on Thursday, following a significant announcement from the company and its principal stockholder.

The sharp decline was triggered by news that Ingram Micro's majority owner, Platinum Equity, has commenced a secondary offering of $200 million worth of the company's common stock. Concurrently, the company announced its intention to repurchase at least $50 million of common stock from the selling stockholder as part of its existing share repurchase program. Market participants often view large secondary offerings by major insiders as increasing the supply of shares and potentially signaling reduced confidence, leading to immediate downward pressure on the stock price.

According to market analysis, Platinum Equity currently owns approximately 90% of Ingram Micro's outstanding shares. The announcement of the $200 million offering led to an immediate reaction, with shares falling 13.3% in extended trading. Prior to this move, the stock had been on a strong run, gaining about 24% year-to-date, including a 27% surge earlier in the week following better-than-expected fourth-quarter results.