Why Maravai LifeSciences Tumbled Nearly 12% Today

Maravai LifeSciences Holdings (NASDAQ: MRVI) stock wasn't exactly the picture of health on Friday. It fell by nearly 12%, on news that a group of selling stockholders had priced a big secondary share sale.

Maravai announced that those investors are collectively unloading an even 20 million shares of the company's Class A stock for $50 apiece. These sellers are led by lead investor GTCR, a private equity firm that currently holds 21.5% of that stock and controls 65% of the company's voting power. After the sale, GTCR will retain a holding of 56.3% to 57.4% of the latter.

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Source Fool.com