Why ThredUp Is Soaring Today

·1 min read
Why ThredUp Is Soaring Today

Shares of ThredUp (NASDAQ: TDUP) were soaring 12.3% in morning trading Thursday after the online secondhand clothing retailer priced a secondary offering of 6.4 million shares at $24.25 per share, even though that was below yesterday's closing price of $24.51 per share. ThredUp is issuing 2 million new shares while insiders are selling 4.4 million shares. Gross proceeds are estimated to be $48.5 million and will be used for working capital, general corporate purposes, and to fund the online retailer's growth strategies.

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