Identity and fraud software specialist GB Group slid on Thursday after Audax Management sold 5m shares in the company in a placing.
According to Bloomberg, AG Acuant Holdings – an entity affiliated with Audax Management – sold the shares to institutional investors at 400p each, raising gross proceeds of around £20m.
The placing price represents a 9.7% discount to the closing share price on Wednesday.
At 0830 BST, GB Group shares were down 7.4% at 410.20p.
