Alight (ALIT) shares were down 5% in recent trading Wednesday after it disclosed a stock sale by Cannae Holdings (CNNE).
Cannae sold 12 million Alight shares to fulfill its liquidity needs, Alight said.
"Cannae does not generate operating income and will from time to time sell assets to generate cash for our strategic needs," Alight Chairman William P. Foley II said in a statement.
Foley, who is also Cannae's chairman and chief executive, said the firm achieved its strategic objective with the stock sale and does not expect to sell any additional Alight shares in the foreseeable future.
Price: 7.50, Change: -0.41, Percent Change: -5.13
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