Shares of up-and-coming payment platform DLocal (NASDAQ: DLO) were down 11% this week at 11 a.m. ET, according to data provided by S&P Global Market Intelligence.
On Thursday, the Uruguay-based company announced that a secondary share offering would take place, the sale of 15 million shares at $12.75 per share.
With DLocal’s stock price around $14 prior to this news, it was somewhat inevitable that the company’s shares would slide closer to the secondary offering price, causing this week’s drop.