NEW YORK (TheStreet) -- Shares of Michael Kors (KORS) fell 4.68% to $76.23 in morning trading Friday after the company announced the pricing of its secondary offering of common stock by its largest shareholder Sportswear Holdings, which will sell a stake valued at approximately $930 million.
The luxury brand priced 11,629,627 shares of $76.75 a share. The company will not receive any proceeds from the offering, which it expects to close on or around September 10.
Michael Kors also announced after the market closed Thursday that Lawrence Stroll and Silas Chou would resign from the board of directors as of the date the offer closes. The board will have seven members, five of whom are independent, after they resign.
"Over the past 10 years, Michael Kors has become one of the leading luxury brands in the world," said CEO and Chairman John D. Idol. "The vision for this success has been shared and supported by Lawrence Stroll and Silas Chou, as original majority shareholders of the company.
"We look forward to our continued business relationship with them through their ownership interest in Michael Kors Far East Holdings Limited. On behalf of Michael, myself and our entire Board, I would like to thank Lawrence and Silas for their significant contributions to our success. We believe we have a bright future ahead with continued opportunity for growth."
More than 4.3 million shares had changed hands as of 9:58 a.m., compared to the average volume of 3,509,180.