Why Opera (OPRA) Shares Are Down 10%
Portfolio Pulse from Henry Khederian
Opera Ltd (NASDAQ:OPRA) shares have fallen by 10.3% after the company announced a proposed secondary follow-on public offering of American Depositary Shares (ADSs). The offering is from a pre-IPO shareholder and is subject to market and other conditions. Opera also intends to grant underwriters a 30-day option to purchase up to an additional 15% of the ADSs to be sold in the proposed public offering.
September 28, 2023 | 6:08 pm
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Opera Ltd's stock price has dropped by 10.3% following the announcement of a proposed secondary follow-on public offering of ADSs.
The announcement of a secondary follow-on public offering often leads to a decrease in the stock price as it implies an increase in the number of shares available in the market, which can dilute the value of existing shares. This is likely the reason for the 10.3% drop in Opera Ltd's stock price.
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