A notice detailing a plan by stockholders to offer a significant block of shares has been formally submitted to regulatory authorities.
The filing submitted to the U.S. Securities and Exchange Commission (SEC) indicates that multiple holders intend to sell up to 8 million shares of Class A common stock collectively.
This type of filing typically precedes the public offering of existing shares held by current investors, distinct from a company itself issuing new stock.
The move signals intent by these stockholders to potentially diversify their holdings or realize gains by making a portion of their Class A share ownership available for public purchase, pending the offering process.