Zoom Commences Public Offering Of $1.5 Bln Shares; Stock Down 4% - Quick Facts

(RTTNews) - Zoom Video Communications Inc. (ZM), a provider of video-first unified communications, said Tuesday it has commenced an underwritten public offering of $1.5 billion of shares of its Class A common stock. The company's shares are losing more than 4 percent in pre-market activity.

In connection with the proposed offering, Zoom expects to grant the underwriter a 30-day option to buy up to an additional $225 million of shares of its Class A common stock at the public offering price, less underwriting discounts and commissions.

Zoom said all of the shares in the proposed offering will be sold by the company. J.P. Morgan is acting as the sole book-running manager for the proposed offering.