RXO shares are trading lower after the company announced a $500 million common stock offering of 19,230,770 shares at $26 a share.
Portfolio Pulse from Benzinga Newsdesk
RXO shares declined following the announcement of a $500 million common stock offering, pricing 19,230,770 shares at $26 each.
September 10, 2024 | 5:36 pm
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RXO's stock price is under pressure due to the announcement of a $500 million common stock offering, which involves issuing 19,230,770 shares at $26 each.
The announcement of a large stock offering typically leads to a decrease in stock price due to dilution concerns. The offering size and pricing at $26 per share suggest a significant impact on RXO's stock in the short term.
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