Innovex International, Inc. (INVX) experienced a significant pre-market plunge, dropping 9.98%.

The sharp decline follows the company's announcement of a secondary offering where selling stockholders, primarily affiliates of Amberjack Capital Partners, are offloading 5.75 million shares at a price of $25.75 per share. This offering price represents a 12% discount to the stock's previous closing price, creating downward pressure as a major shareholder reduces its stake.

Amberjack Capital Partners, a private equity firm that owned approximately 43% of Innovex's outstanding shares prior to the offering, is the principal seller in this transaction. The market reacted negatively to this substantial share sale at a discounted price, leading to the pre-market sell-off.