Vivid Seats Inc (SEAT)

Shares of Vivid Seats Inc (SEAT) dropped by 16.95% from $8.14 to $6.76 in the trading on Thursday, December 7, 2023. The reason why SEAT is down today is due to the company's announcement of a secondary offering of 18.5 million Class A common stock shares, with the selling stockholder, Hoya Topco, LLC, intending to sell these shares in a public offering. The company will not receive any proceeds from this sale. Citigroup, Morgan Stanley, and BofA Securities are the joint book-running managers for the offering, which is conducted under a registration statement declared effective by the SEC.