Summit Hotel Properties announced that a selling stockholder intends to offer and resell up to 12.9 million shares of the company's common stock. This significant offering represents a substantial block of shares entering the market.
The details regarding the identity of the selling stockholder and the specific terms of the offering were not immediately disclosed. Such a large offering can influence market dynamics for the company's stock.
The transaction is an offer and resale by a selling stockholder, meaning the proceeds from the sale will go to the selling stockholder, not to Summit Hotel Properties itself. This event could potentially increase the float of the company's shares available for trading.
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