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Planet Fitness shares weighed down by new offering

Bernard Weil | Toronto Star | Getty Images

Shares of Planet Fitness dropped more than 6 percent after announcing an offer of 10 million shares.

The shares will come from selling shareholders, who have also granted the underwriters an option to purchase up to 1.5 million additional shares of their Class A common stock, according to Tuesday SEC filing.

The gym chain noted that it would not receive any proceeds from the offering.

Planet Fitness shares have surged more than 16 percent since the beginning of 2016.