Core & Main Announces Secondary Offering Of 14M Shares Of Common Stock And Share Repurchase From The Selling Stockholders 3,125,728 Shares Of Its Class A Common Stock And 1,874,272 Partnership Interests Of The Company's Subsidiary Core & Main Holdings, LP
Portfolio Pulse from Happy Mohamed
Core & Main Inc. (NYSE:CNM) announces a secondary public offering of 14 million shares of its Class A common stock by certain selling stockholders. The company also plans to repurchase 3,125,728 shares of its Class A common stock and 1,874,272 partnership interests of its subsidiary Core & Main Holdings, LP. J.P. Morgan Securities LLC is acting as the sole underwriter for the offering.
June 07, 2023 | 8:26 pm
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NEUTRAL IMPACT
Core & Main announces secondary offering of 14M Class A shares and plans to repurchase shares and partnership interests, which may impact its stock price.
The secondary offering and share repurchase announcement may have mixed effects on CNM's stock price. While the secondary offering could dilute the value of existing shares, the repurchase plan may signal the company's confidence in its stock and provide support to the stock price. The net impact on the stock price is uncertain, hence a neutral score.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100