Backblaze Shares Down 8.2% on Plans for Public Offering

Dow Jones2024-11-21

By Sabela Ojea

Shares of Backblaze declined after the company unveiled plans to sell $30 million of its Class A common stock in a follow-on public offering.

The stock was down 8.2% to $5.72 in post-market trading. Through Wednesday's close shares have fallen 18% this year.

The cloud storage company said that it also expects to grant underwriters a 30-day option to purchase up to additional $4.5 million of its common stock at the public offering price less the underwriting discount.

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

(END) Dow Jones Newswires

November 20, 2024 18:29 ET (23:29 GMT)

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