Why Aramark Stock Is Diving

Aramark ARMK shares are trading lower by 4.1% to $39.72 Thursday morning after the company announced pricing of a secondary offering of common stock.

Aramark has priced a previously announced underwritten secondary offering of 21,262,245 common stock shares by a selling stockholder linked to a derivative sale agreement with a Mantle Ridge LP affiliate. The public offering price is $39.75 per share.

Aramark is not involved in selling shares and won't receive any proceeds. The offering is set to close around August 11, subject to customary conditions.

Joint book-running managers are J.P. Morgan Securities LLC and Goldman Sachs & Co. LLC.

See Also: U.S. Inflation Misses Estimates

According to data from Benzinga Pro, ARMK has a 52-week high of $45.72 and a 52-week low of $30.72.