Gates Industrial shares are trading lower after the company announced pricing of a secondary offering of 15 million ordinary shares.
Portfolio Pulse from Benzinga Newsdesk
Gates Industrial has announced the pricing of a secondary offering of 15 million ordinary shares, leading to a decrease in its share price.
August 09, 2023 | 12:51 pm
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Gates Industrial's share price is expected to be negatively impacted in the short term due to the announcement of a secondary offering of 15 million shares.
Secondary offerings often lead to a decrease in share price as they dilute the value of existing shares. Given that Gates Industrial has announced a significant secondary offering of 15 million shares, it is expected that this will have a negative impact on its share price in the short term.
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