Gates Prices Secondary Offering Of 17.5M Ordinary Shares
Portfolio Pulse from Benzinga Newsdesk
Gates Industrial Corporation plc (NYSE:GTES) announced the pricing of a secondary offering of 17.5 million ordinary shares by selling stockholders affiliated with Blackstone Inc. The offering is expected to close on May 21, 2024, and Gates will not receive any proceeds from the sale.
May 16, 2024 | 12:43 pm
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Gates Industrial Corporation plc (NYSE:GTES) announced the pricing of a secondary offering of 17.5 million ordinary shares by selling stockholders affiliated with Blackstone Inc. Gates will not receive any proceeds from the sale.
The secondary offering of 17.5 million shares by Blackstone-affiliated stockholders could lead to a short-term decrease in GTES stock price due to increased supply in the market. Gates will not receive any proceeds from the sale, which may also be viewed negatively by investors.
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