Ping Falls On Stake Sale By Shareholder; Firm To Bear Costs   By Investing.com

By Dhirendra Tripathi

Investing.com – Ping Identity (NYSE:PING) fell more than 4% in Tuesday’s premarket trading following the decision of shareholder Vista Equity Partners to sell 6 million shares of the company to underwriters.

Investment funds affiliated with Vista Equity Partners are selling the shares.

While Ping will not receive any funds from the sale, it will bear the costs associated with it, other than underwriting discounts and commissions.

The underwriters will also have a 30-day option to purchase up to an additional 900,000 shares of Ping.

The sale will not lead to any equity or EPS dilution as only existing shares are being sold.