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Zeta Global Lifts Q3 Revenue Outlook, Launches Stock Offering; Shares Down After Hours
2024-09-05 05:19
05:19 PM EDT, 09/04/2024 (MT Newswires) -- Zeta Global Holdings (ZETA) said late Wednesday it now expects Q3 revenue of at least $255 million, up $15.8 million from the midpoint of its previous outlook of $239.2 million.
Analysts polled by Capital IQ are looking for $239.9 million.
Separately, Zeta said it is selling 8.8 million class A shares in an underwritten public offering, while its shareholder GPI Capital Gemini is selling 2.2 million Zeta shares.
The company and GPI Capital plan to grant a 30-day overallotment option to the underwriters to acquire up to 1.32 million and 330,000 additional shares, respectively.
Zeta said it plans to use the net proceeds for general corporate purposes. It will not receive proceeds from the sale of shares by GPI Capital.
The company's shares were down 3.1% in after-hours activity.
Price: 24.10, Change: -0.78, Percent Change: -3.14
