Pattern Group (PTRN) said Monday it has launched a public offering of 8 million shares of its series A common stock held by an affiliate of Knox Lane, one of its pre-IPO stockholders.

The underwriters are expected to be granted a 30-day option to purchase up to 1.2 million additional shares, Pattern said.

The selling shareholder will receive all of the net proceeds, and Pattern will not receive any proceeds, according to a statement.

Shares of Pattern were down more than 5% in premarket activity Monday.