March 29, 2021 (Globe Newswire) Austin, Texas, — Open lending corporation (Nasdaq: LPRO at https://www.webull.com/quote/nasdaq-lpro), a leading provider of lending enablement and menace analytics resolutions to economic organizations, today announced the start of a secondary public contribution of 7,500,000 shares of its common stock. The underwriters have a 30-day option to buy up to 1,125,000 additional shares of common stock from the vending shareholders. Surviving shareholders, including run entity, nebula holdings, true wind capital, Sage mount, and some management officers of Open Lending, are trading all of their shares. Open Lending will not sell any stocks in the submission and will not earn any of the proceeds.
In addition, Open Lending reported that it had reached an agreement with the selling stockholders to repurchase from them an aggregate of $20.0 million worth of open lending common stock at the same per-share price charged by the underwriters in the offering. The repurchase of shares is contingent on the offering’s completion.
Only a prospectus will be used to make this bid. For more detail about Open Lending and this deal, you can recite the brochure and other documents that Open Lending has filed with the Securities and Exchange Commission (the “SEC”). The Securities and Exchange Commission has received a registration statement on Form S-1 relating to these securities, but it has not yet become effective. Before the registration statement’s effective date, these securities cannot be sold or offers to purchase them accepted. This press announcement does not set up a proposal to vend or a solicitation of a suggestion to purchase the securities listed above, and no sale of these securities shall be made in any state or jurisdiction where such offer, solicitation, or sale would be un-lawful before registering or qualifying under the securities laws of any state or authority.
Is there a lot of insider ownership in open Lending?
It’s worth testing how many shares are owned by business insiders if you’re a regular shareholder. The higher the percentage of insider ownership, the more likely insiders would be motivated to develop the business for the long term. Insiders at Open Lending own about 367 million dollars’ worth of stock (7.6 percent of the company). Insider control of this magnitude increases the likelihood that the corporation will be managed in the best interests of all shareholders.
So, what do the Insider Transactions in Open Lending Indicate?
Insiders have recently sold stock, but they haven’t been buying. There has been no insider buying in the last twelve months, according to our records. It’s encouraging to see such a high level of insider ownership, but the insider selling makes us wary. If you’re anything like me, you’re probably wondering if this business will expand or contract. Fortunately, you can get a free report that shows analyst predictions for its future. You can invest other stocks like nasdaq open at https://www.webull.com/quote/nasdaq-open.