Altisource Portfolio Solutions Prices Equity Offering At 10% Discount
Portfolio Pulse from Shivani Kumaresan
Altisource Portfolio Solutions S.A. (NASDAQ:ASPS) has priced its underwritten public offering of 4.8 million shares at $3.60 per share, a 10% discount to the company’s closing price as of September 7. The gross proceeds are expected to be approximately $17.5 million. The company intends to use the net proceeds for general corporate purposes, including repayment of $10 million of indebtedness. The offering is expected to close on September 12, 2023.
September 08, 2023 | 12:48 pm
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Altisource's public offering is priced at a 10% discount, which may have led to the 7.5% drop in premarket trading. The proceeds will be used for debt repayment and other corporate purposes.
The company's decision to price its public offering at a 10% discount has likely led to the drop in its share price in premarket trading. The proceeds from the offering will be used for debt repayment, which could improve the company's financial health in the long term, but the immediate impact on the stock price is negative.
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IMPORTANCE 80
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