By Kelly Cloonan
Shares of Klaviyo declined after the company disclosed plans for a secondary public offering of its Series A common stock worth $372 million by Chief Executive Officer Andrew Bialecki.
The stock fell 5.6% to $35.39 on Tuesday in after-hours trading. Shares are up 56% in the past 12 months.
Klaviyo said the offering covers tax obligations related to the exercise of Bialecki's stock options, which expire this year.
In connection with the offering Bialecki will also exercise stock options to purchase 21.4 million shares of Series B common stock that are set to expire this year, according to a filing with the Securities and Exchange Commission.
Klaviyo will not receive any proceeds from the share sale. The marketing automation platform company is based in Boston.
The company said Bialecki plans to adopt a stock trading plan that would allow him to sell up to 8 million shares of Series A common stock after the offering closes.
The transaction represents 8.1% of Bialecki's current ownership of the company's Series B common stock, and lets him diversify his personal assets, the company said. He continues to receive an annual base salary of $75,000, with no bonus, variable compensation, stock options or restricted stock units.
Bialecki has not sold any shares of Klaviyo common stock since the company's initial public offering in September 2023, the company said.
Write to Kelly Cloonan at kelly.cloonan@wsj.com
(END) Dow Jones Newswires
May 13, 2025 18:15 ET (22:15 GMT)
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