On May 1st Angie’s list filed for a big stock sale with the Securities and Exchange Commission. The review site is hoping to about $70 million worth of common stock. The offering includes about $10 million in stock from the company itself with the rest being sold by current investors.

There is no word in the filing of who is selling their stock, but at present TRI Investments holds a 20% share, Battery Ventures holds 15%, T. Rowe Price holds about 12%, BV Capital holds about 9%, and Capital Research holds about 7%.

Angie’s List officers and directors hold the additional 46% of the stock. The new deal comes just as the May 15th post-IPO lock-up time expires. At this time, the current shareholder would be free to offer up their stock on the market. Under the new deal, Insiders who currently hold stock agree not to sell any stock within 90 days of the filing.

Currently, Angie’s list stock is down in the market almost 3%. Angie’s List invests heavily back into their business and as a result has huge deficits. Once the stock becomes available, it’s high debatable if investing in the company is a good idea.

Here’s a comment from their SEC filing about risks to their business:

“We have incurred significant net losses and have an accumulated deficit of $166.5 million as of December 31, 2011. As a result, we have funded our operations through equity and debt financings.”

“We anticipate that our marketing, selling, operating and support and general and administrative expenses will continue to increase as we continue to invest in growing our paid membership base, increase the number and variety of our service provider categories, increase the number of service providers participating as advertisers, develop new marketing initiatives and enhance our technology platform.”