Fulton Financial Announces Launch of Common Stock Offering, Financial Terms Undisclosed
Portfolio Pulse from Benzinga Newsdesk
Fulton Financial Corporation (FULT) has initiated an underwritten public offering of its common stock, with Piper Sandler and BofA Securities as joint book-running managers. The offering includes a 30-day option for underwriters to purchase additional shares. Proceeds will be used for general corporate purposes and to support business strategy following the acquisition of Republic First Bank assets and liabilities.
April 29, 2024 | 10:28 am
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NEUTRAL IMPACT
Fulton Financial announces a public offering of its common stock to fund corporate purposes and support expansion after acquiring Republic First Bank assets.
The announcement of a public stock offering can have a neutral to slightly negative short-term impact on FULT's stock price due to potential dilution of existing shares. However, the use of proceeds for strategic expansion and support of the acquisition of Republic First Bank assets could be viewed positively by investors in the medium to long term.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100