Why Rollins Shares Are Trading Lower Today?
Portfolio Pulse from Shivani Kumaresan
Rollins Inc (NYSE:ROL) shares are trading lower after pricing a secondary public offering of 38.7 million shares by existing stockholder LOR Inc. The offer price of $35.00 per share represents an 8% discount to the company’s closing price on September 6, 2023. The company has also agreed to repurchase 8.72 million shares of common stock for approximately $300 million.
September 07, 2023 | 4:24 pm
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Rollins Inc's shares are trading lower due to the secondary public offering at a discounted price. The company's plan to repurchase shares may provide some support.
The secondary public offering at a discount has led to a decrease in the share price as it dilutes the value of existing shares. However, the company's plan to repurchase shares could provide some support to the stock price by reducing the number of shares in circulation.
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IMPORTANCE 80
RELEVANCE 100