Why Transcat Shares Are Sliding Today
Portfolio Pulse from Shivani Kumaresan
Transcat Inc (NASDAQ:TRNS) has priced its underwritten public offering of 736,845 shares at $95.00 per share, a 12.5% discount to its closing price as of September 20, 2023. The company expects to raise approximately $65.2 million from the offering, which it plans to use to repay its credit facility, for working capital, and other general corporate purposes. The offering is expected to close on September 25, 2023. Following the news, TRNS shares are trading lower by 9.87% at $97.94.
September 21, 2023 | 2:30 pm
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Transcat's share price is trading lower following the announcement of its public offering at a discount. The company expects to raise $65.2 million from the offering.
The company's decision to price its public offering at a discount has led to a decrease in its share price. However, the funds raised from the offering will be used to repay its credit facility and for other corporate purposes, which could potentially strengthen its financial position in the long term.
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