MeridianLink, Inc. announced on September 26, 2024, the launch and pricing of an underwritten secondary public offering of 6,000,000 shares of its common stock. The shares are being sold by certain funds managed by Thoma Bravo, L.P., a significant shareholder in the company. The selling stockholders have also granted the underwriter a 30-day option to purchase up to an additional 900,000 shares of common stock.
The company will not receive any proceeds from the sale of these shares. The offering is expected to close on September 30, 2024, subject to customary closing conditions. J.P. Morgan Securities LLC is acting as the underwriter and sole book-running manager for the offering.
This secondary offering by a major shareholder increases the supply of MeridianLink's common stock in the market without providing direct capital to the company. The transaction allows Thoma Bravo to reduce its stake, which can be perceived as a lack of confidence by a key investor.
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