Why Opera (OPRA) Stock Is Nosediving
Portfolio Pulse from Henry Khederian
Opera Ltd (NASDAQ:OPRA) shares dropped by 11.4% after the company announced the pricing of its underwritten secondary public offering of 6,876,506 ADSs at $12.25 per ADS. The offering is expected to close on October 4. The company has also granted the underwriters a 30-day option to purchase up to an additional 15%, or 1,031,475 ADSs.
September 29, 2023 | 2:21 pm
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Opera Ltd's stock price has fallen by 11.4% following the announcement of its secondary public offering. The offering is priced at $12.25 per ADS, which is lower than the current trading price.
The announcement of the secondary public offering at a price lower than the current trading price has led to a decrease in Opera Ltd's stock price. This is because the lower offering price dilutes the value of existing shares, leading to a sell-off by investors.
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