Sumary of Why CPI Card Group Stock Dropped 12% Today:
- What happened Shares of credit and debit card manufacturer CPI Card Group (NASDAQ:PMTS) had fallen 12.1% as of 2 p.
- So what Capitalizing on an impressive run in stock price after earnings last month, CPI filed an S-3 registration statement with the Securities and Exchange Commission today.
- Simultaneously, CPI informed that its largest shareholders — two subsidiaries of private equity fund Tricor Pacific Capital Partners — are registering just under 6.6 million shares, that they currently own, for resale.
- “) Additionally, the fact that Tricor is looking to exit the stock will mean that CPI will no longer be under the majority control of just one owner, potentially making the company more attractive to more outside investors.
- At the very least, the fact that Tricor is exiting CPI suggests that Tricor believes the stock has gone up enough to make now a fine time to exit.