Parallel49 Equity to sell 2.3M shares of CPI Card Group stock

CPI Card Group Inc. (Nasdaq: PMTS) announced that stockholders affiliated with Parallel49 Equity have commenced an underwritten secondary public offering of 2,337,323 shares of the company's common stock.

The selling stockholders also expect to grant underwriters a 30-day option to purchase up to an additional 350,598 shares. The offering is subject to market conditions, with no assurance as to whether or when it may be completed, or as to the final size or terms.

CPI Card Group will not offer any shares in the transaction and will not receive any proceeds. All proceeds from the sale will go to the selling stockholders.

B. Riley Securities and D.A. Davidson & Co. are acting as joint book-running managers for the offering.

A registration statement on Form S-3 relating to the securities has been filed with, and declared effective by, the U.S. Securities and Exchange Commission. A preliminary prospectus supplement and accompanying prospectus have also been filed with the SEC.

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