Landsea Homes Down In Pre-market; Prices Secondary Offering Of 2.434 Mln Shares At $11.60/shr

(RTTNews) - Landsea Homes Corporation (LSEA), a residential homebuilder, on Wednesday announced the pricing of the previously declared secondary offering by its largest stockholder, Landsea Holdings Corporation of 2,434,783 company's shares at $11.60 per share.

The selling stockholder has granted the underwriters a 30-day option to purchase up to 365,217 additional shares. The offering will close on March 8.

Landsea Homes has clarified that it is not offering any shares and will not receive any of the proceeds from the sale.

The company expects certain members of its senior management, Board, and a family member of its Chairman will purchase up to a total of $915,000 in shares from the selling stockholder.

B. Riley Securities and BofA Securities are acting as joint bookrunning managers, whereas BTIG and Wedbush Securities are serving as co-managers in the offering.

LSEA was trading down by 3.97 percent at $11.62 in the pre-market trade on the Nasdaq.