Sovos stock falls on news of discounted secondary offering

LOUISVILLE — Sovos Brands Inc.’s (Nasdaq: SOVO) stock, which has been riding high all year, fell slightly on Tuesday after the food-brands umbrella company announced plans late Monday for a secondary public offering that would discount the price by more than 6% relative to Monday’s closing price.

Existing Sovos stockholders will sell 10 million shares at $17.50 per share, raising $175 million. Sovos will not receive proceeds from the sale, according to a U.S. Securities and Exchange Commission disclosure.

Goldman Sachs & Co. LLC and J.P. Morgan will serve as underwriters of the secondary public offering.

The Louisville company, which moved to…