Why Alphatec (ATEC) Stock Is Nosediving
Portfolio Pulse from Henry Khederian
Alphatec Holdings Inc (NASDAQ:ATEC) shares dropped by 18.4% after the company announced the pricing of a public offering of 14.3 million common stock shares at $10.50 per share. The offering is set to close on October 27. The joint book-running managers for the offering are Morgan Stanley, TD Cowen, Barclays, and Stifel. Alphatec anticipates gross proceeds of around $150 million, excluding the underwriters' option.
October 25, 2023 | 2:40 pm
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Alphatec's stock price has dropped significantly due to the announcement of a public offering of common stock at a price lower than the current trading price.
The announcement of a public offering at a price lower than the current trading price often leads to a drop in the stock price as it dilutes the value of existing shares. This is likely the reason for the significant drop in Alphatec's stock price.
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