Green Dot Corp. investors plan to sell $100 million worth of their shares in the prepaid debit card company through a follow-on public offering.
The Monrovia, Calif., company, which sells Visa Inc.- and MasterCard Inc.-branded reloadable cards, will not retain any of the sale proceeds, it said in a Securities and Exchange Commission filing on Monday. Green Dot declined to comment Tuesday about the filing, citing an SEC quiet period surrounding the offering.
In July Green Dot completed an initial public offering that raised $164.1 million. It retained none of the proceeds from that offering either because all shares were sold by existing investors.