Zynga Files For $400M Secondary Offering As It Tries To Manage Employee Share Sales

Zynga said today that it is registering for a $400 million secondary offering of shares as it tries to manage a lock-up period for employees that might negatively affect the company's share price. Employees aren't allowed to sell shares until a certain number of days after the initial public offering. Most of those shares are tied to a lock-up date on May 28, but a certain number can be sold starting around April 30. Zynga won't receive any proceeds from the sale. Like in its initial public offering, Morgan Stanley and Goldman, Sachs & Co. are the lead underwriters, while Bank of America Merrill Lynch, Barclays Capital, and J.P. Morgan are contributing book runners. Bloomberg first reported about this offering yesterday, and Zynga's shares dropped about 3 percent on the news. They're currently trading at $13.60 ahead of the market opening, up 1.7 percent from yesterday's close.

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