By Chris Wack

Torrid Holdings shares were down 37%, to $3.22, after an underwritten public offering of 10 million shares to be sold by certain stockholders priced at $3.50 a share.

The offering is expected to close on or about Thursday.

The selling stockholders have granted the underwriters a 30-day option to buy an additional 1.5 million shares at the public offering price, less the underwriting discount and commissions.

Torrid won't receive any of the proceeds from the sale of the shares by the selling stockholders, including from any exercise by the underwriters of their option to purchase additional shares.

Concurrent with the closing of the offering, Torrid has agreed to buy from Sycamore Partners $20 million in Torrid shares at a price per share equal to the price per share to be paid by the underwriters in the offering.

The offering isn't conditioned upon the closing of the concurrent repurchase, but the concurrent repurchase is conditioned upon the closing of the offering.

Write to Chris Wack at chris.wack@wsj.com

(END) Dow Jones Newswires

June 25, 2025 10:47 ET (14:47 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.