Symbotic Inc. (SYM) shares took a beating in after-hours trading Wednesday after the warehouse automation company announced it's selling stock. Nothing spooks investors quite like dilution, and the market wasted no time showing its disapproval.

What's Happening: The robotics technology firm said it's launching an underwritten public offering of 10 million shares. Here's the breakdown: Symbotic will sell 6.5 million shares itself in a primary offering, while SVF Sponsor III—a SoftBank affiliate—will unload another 3.5 million shares in a secondary offering.

The company is also giving underwriters a 30-day option to snap up an additional 1.5 million shares at the public offering price, because why not add a little more potential dilution to the mix?

As for what Symbotic plans to do with the cash from its share sale, the answer is pleasantly vague: general corporate purposes. Meanwhile, the SoftBank affiliate gets to pocket all the proceeds from its 3.5 million share portion.

It's worth noting that Symbotic wasn't exactly hurting for cash. The company reported about $1.25 billion in cash and cash equivalents as of September 27 when it delivered earnings results in late November.

Price Action: Symbotic shares were trading at $64.55 in after-hours Wednesday, down 11.84% from the regular session close.