Zynga Inc. (NASDAQ: ZNGA) has filed a Form S-1/A with the US Securities and Exchange Commission (SEC) to sell about 43 million shares of class A common stock. None of the proceeds from the sale will go to the company.
The largest piece of the sale will be 16.5 million shares to be sold by the company’s CEO Mark Pincus, with two venture capital firms selling a total of 11 million shares. Institutional Venture Partners will sell 5.8 million shares and Union Square Ventures will sell 5.2 million shares. Google Inc. (NASDAQ: GOOG) and venture capital firm Silver Lake Partners will each sell 3.96 million shares.
Following the offering the company will have 164.35 million shares of class A common stock outstanding, 536.7 million class B shares outstanding, and 20.5 million class C shares outstanding. Pincus owns all the class C shares, each of which carries the voting power of 70 class A shares. Pincus now controls about 36.5% of the voting rights in Znyga, and that total will fall to about 35.9% following the sale.
The full SEC filing is available here.