Virtu Financial announces offering of 7M shares of Class A common stock
Virtu Financial announced the commencement of an underwritten secondary offering of 7M shares of its Class A common stock. The offering includes 7M shares of Class A common stock offered by Virtu, the net proceeds of which will be used to purchase an equivalent number of common units in Virtu Financial and corresponding shares of Class D common stock from TJMT Holdings, an affiliate of Vincent Viola, founder and chairman emeritus. Following the closing of the transactions, TJMT will remain Virtu's largest stockholder, and will continue to own over 62M common interest units in Virtu Financial and corresponding shares of Class D common stock, representing an economic interest of approximately 32% in Virtu Financial. Virtu will retain no net proceeds from the offering. Morgan Stanley and Sandler O'Neill + Partners, L.P. are acting as the joint book-running managers and underwriters for the offering.