Genius Sports’ stock falls 7% premarket as secondary offering of 20 million shares commences

Genius Sports Ltd.’s stock
GENI,
-6.13%
fell 7% in premarket trade Thursday, after the company said a secondary sale of 20 million shares by selling shareholders had commenced. The London-based sports data and betting company will not receive any proceeds from the sale. Underwriter Goldman Sachs has a 30-day option to purchase up to an additional 3 million ordinary shares from the selling shareholder, a unit of investment funds advised by Apax Partners LLP. The stock has gained 69% in the year to date, while the S&P 500
SPX,
+0.84%
has gained 16.4%.