Mimecast shares reversed their earlier decline made in the wake of pricing a sale of shares by shareholders at a discount and hit a new record high on Thursday. MIME was up over 12% at $19.44 recently, having earlier traded as high as $20.10. The 52-week low is at $6.01.

The provider of cloud security and risk management services earlier priced a registered secondary public offering of 4 million shares of common stock at a price of $16.50 per share, or a 4.6% discount from the stock’s Wednesday closing price.

The company will not receive any proceeds from the secondary offering.The offering is expected to close on Oct. 4, subject to customary closing conditions.

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