The share price of BlackLine Inc. fell after the company announced the sale of more than 8 million shares of common stock at a price of $41.50.

The Woodland Hills accounting software developer said that it would not receive any proceeds from the offering.

Chief Executive Therese Tucker sold 340,000 shares in the offering and Mario Spanicciati, the chief marketing officer and a member of the board of directors, sold 700,000 shares. Funds affiliated with institutional investor Silver Lake Sumeru, in New York sold nearly 5 million shares in the offering, while funds affiliated with Iconiq, in San Francisco, sold 2 million shares.

Morgan Stanley & Co. was the sole book-running manager of the offering.

The company announced the stock sale Monday. Shares of BlackLine (BL) closed Tuesday down $3.67, or 8.4 percent, to $40 on the Nasdaq.