Kinetik Holdings shares are trading lower after the company announced the pricing of a secondary offering of 11,373,801 shares at $33.75 per share.
Portfolio Pulse from Benzinga Newsdesk
Kinetik Holdings announced the pricing of a secondary offering of 11,373,801 shares at $33.75 per share, leading to a decrease in its stock price.
March 14, 2024 | 11:38 am
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Kinetik Holdings' stock price is trading lower following the announcement of a secondary offering of 11,373,801 shares at $33.75 per share.
Secondary offerings often lead to a decrease in a company's stock price in the short term due to the dilution of existing shares. Given the size of the offering and the set price, it's likely that investors are reacting to the potential dilution of their holdings, thus driving the price down.
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