Credo Technology Prices Public Offering Of 10M Ordinary Shares At $17.50/Share
Portfolio Pulse from Benzinga Newsdesk
Credo Technology has priced its public offering of 10 million ordinary shares at $17.50 each. Of these, 8,940,000 shares are offered by Credo, with expected gross proceeds of $156.5 million before expenses. The remaining 1,060,000 shares are offered by selling shareholders.
December 06, 2023 | 6:24 am
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NEUTRAL IMPACT
Credo Technology's public offering could dilute existing shares but also raise significant capital. The pricing at $17.50 per share will provide the company with $156.5 million in gross proceeds.
The impact on Credo Technology's stock price in the short term could be neutral to slightly negative due to the dilutive effect of the new share issuance. However, the capital raised can be used for growth, which might offset the dilutive impact. The confidence in this analysis is high due to the clear details provided about the offering and its purpose.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100