Artesian Resources Corporation Announces Pricing Of $34.8M Public Offering Of 695,650 Shares Of Common Stock At A Price Of $50/Share
Portfolio Pulse from Happy Mohamed
Artesian Resources Corporation (ARTNA) has priced a public offering of 695,650 shares of Class A Non-Voting Common Stock at $50 per share, totaling $34.8 million. The offering is expected to close on May 23, 2023. The company plans to use the proceeds for general corporate purposes, capital investment, and debt repayment.
May 19, 2023 | 1:35 pm
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NEUTRAL IMPACT
Artesian Resources' $34.8M public offering of 695,650 shares at $50/share may impact its stock price in the short term.
The public offering of 695,650 shares at $50/share will increase the number of shares outstanding, which may dilute the value of existing shares. However, the proceeds will be used for general corporate purposes, capital investment, and debt repayment, which could improve the company's financial position in the long run. The short-term impact on the stock price is uncertain.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100