Symbotic Announces Primary Of 5M Shares Of Class A Common Stock And Secondary Offering Of 5M Shares Of Class A Common Stock
Portfolio Pulse from Benzinga Newsdesk
Symbotic Inc. (NASDAQ:SYM) has initiated an underwritten public offering of 10 million shares of its Class A common stock, split evenly between the company and certain trusts and entities controlled by Richard Cohen, its founder, chairman, and CEO. The offering includes a potential additional 1.5 million shares option for underwriters. Symbotic aims to use its proceeds for general corporate purposes, while the selling securityholders will receive all net proceeds from their share sales. Goldman Sachs & Co. LLC is the sole book-running manager.
February 21, 2024 | 9:04 pm
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Symbotic Inc. announces a public offering of 10M Class A shares, potentially diluting current shareholder value but providing funds for corporate growth.
Public offerings often lead to short-term stock price declines due to the dilution of existing shares. However, the funds raised can be beneficial for long-term growth. Given that Symbotic is using the proceeds for general corporate purposes, the impact on the stock might be negative in the short term as investors react to the dilution effect.
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