Why Is LifeStance Health (LFST) Stock Down 20% Today?

Core Points - LifeStance Health (NASDAQ:LFST) announced a secondary offering of 20 million shares priced at $6.25 each, leading to a decline in its stock price [1][2] - The offering is being conducted by a group of stockholders, and LifeStance Health will not receive any proceeds from this sale [2] - The offering price is significantly lower than the stock's previous closing price of $7.48, contributing to a 19.8% drop in LFST stock [3] Company Details - The underwriters for the offering include Morgan Stanley, Goldman Sachs & Co. LLC, and TPG Capital BD, LLC, who have a 30-day option to acquire an additional 3 million shares at the same offering price [2] - The secondary offering is entirely for the benefit of the selling shareholders, as LifeStance Health is not selling any shares itself [2]