Why RadNet (RDNT) Stock Is Getting Hammered
Portfolio Pulse from Henry Khederian
RadNet Inc (RDNT) shares are down 8.71% after announcing the pricing of its underwritten public offering of 7.575 million shares at $29.75 per share, raising approximately $225 million. The company plans to use the proceeds to pay down $100 million of its first lien term loans and for general corporate purposes.
June 14, 2023 | 6:59 pm
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RadNet's stock price is down 8.71% after announcing a public offering of 7.575 million shares at $29.75 per share, raising $225 million to pay down debt and for general corporate purposes.
The stock price is down due to the announcement of the public offering, which is priced below the current market price. This dilutes the value of existing shares and raises concerns about the company's financial health. However, the proceeds will be used to pay down debt and for general corporate purposes, which could improve the company's financial position in the long term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100