Investing.com -- Bumble (NASDAQ:BMBL) stock tumbled 11% in after-hours trading Wednesday following reports that shareholders are offering a block of shares at a significant discount to the day’s closing price.

According to Bloomberg, citing terms of the block offering, the shares are being offered at a price range of $6.33 to $6.54 each. This represents a discount of approximately 8.5% to 11.5% from Bumble’s Wednesday closing price of $7.15.

The size of the block offering was not disclosed in the report. Block trades typically involve large volumes of shares and are often executed outside of regular trading hours to minimize market impact.

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