Core & Main Announces Secondary Offering Of 18M Shares By Certain Selling Stockholders; Expects To Repurchase 3,125,728 Shares Of Class A Common Stock And 1,874,274 Partnership Interest Of The Company's Subsidiary
Portfolio Pulse from Benzinga Newsdesk
Core & Main has announced a secondary offering of 18 million shares by certain selling stockholders. The company also plans to repurchase 3,125,728 shares of Class A common stock and 1,874,274 partnership interest of the company's subsidiary.
September 14, 2023 | 8:26 pm
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NEUTRAL IMPACT
Core & Main's secondary offering and repurchase plan may increase the liquidity of its shares, potentially affecting the stock price.
Secondary offerings increase the number of shares available in the market, which can dilute the value of existing shares. However, the company's plan to repurchase shares can counteract this effect by reducing the number of shares available, potentially increasing the stock price. The net effect on the stock price is uncertain.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 100