Coty (NYSE: COTY) shares closed 10,7% on Wednesday after the beauty company announced the pricing of a previously-announced secondary offering of just over 50m of Class A common stock by KKR Rainbow Aggregator at $8.53 per share. Shares of Class A stock sold in the offering will be initially issued to KKR Rainbow Aggregator upon conversion of 285,576 shares of Coty’s Series B Convertible Preferred Stock held by the company.