Figs Stock Falls After Secondary Offering By Major Shareholder Tulco

Figs Inc FIGS has announced a secondary offering of 8.8 million shares of its Class A common stock by Tulco LLC, its largest stockholder, and certain members of its management team.
The underwriters will have a 30-day option to purchase an additional 1.3 million shares of Class A common stock from the selling stockholders.
The company will not receive any proceeds from the sale of shares in the offering.
Goldman Sachs & Co LLC, Morgan Stanley & Co LLC, Barclays Capital Inc, and Credit Suisse Securities (USA) LLC will act as lead book-running managers for the proposed offering.
Price Action: FIGS shares are trading lower by 6.46% at $40.97 on the last check Tuesday.