WAUKESHA, Wis. (AP) — Generac Holdings Inc., which sells generators, said Monday that some of its shareholders plan to sell 11.5 million shares of its common stock, or almost 17 percent of the company's outstanding shares.
Its shares dropped more than 3 percent in premarket trading.
Generac said that the sellers include funds affiliated with CCMP Capital as well as members of its board and senior management. The selling stockholders will receive all of the offering's proceeds.
Waukesha, Wis.-based Generac is not selling any shares in the offering.
The underwriters will be given an option to buy up to about 1.7 million additional shares.
Generac shares closed at $35.29 in trading last week. The company has about 68.1 million shares outstanding, according to FactSet.
Its shares fell $1.16, or 3.3 percent, to $34.13 in premarket trading. Its shares hit a 52-week high of $39.18 on Nov. 5. They fell as low as $18.35 in July.