Independence Realty Trust Reveals Public Offering Of 10M Shares Of Common Stock
Portfolio Pulse from Benzinga Newsdesk
Independence Realty Trust (IRT) has announced a public offering of 10 million shares of common stock, with an option for underwriters to purchase an additional 1.5 million shares. IRT plans to enter a forward sale agreement with Citigroup for these shares.
September 03, 2024 | 8:11 pm
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Independence Realty Trust is conducting a public offering of 10 million shares, potentially diluting existing shares. This could lead to short-term downward pressure on the stock price.
The issuance of new shares typically leads to dilution, which can result in a decrease in stock price as the value of existing shares is spread over a larger number of shares. The forward sale agreement with Citigroup indicates a structured approach to the offering, but the immediate impact is likely negative due to dilution concerns.
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