CPI Card Group shares are trading lower after the company announced a $25.2 million secondary offering of 1.2 million shares at $21 per share.
Portfolio Pulse from Benzinga Newsdesk
CPI Card Group's shares are declining following the announcement of a $25.2 million secondary offering of 1.2 million shares at $21 each.
October 01, 2024 | 1:44 pm
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CPI Card Group's stock is experiencing a decline due to the announcement of a secondary offering of 1.2 million shares priced at $21 each, totaling $25.2 million.
The announcement of a secondary offering typically leads to a decrease in stock price due to dilution concerns. The offering price of $21 per share may also be perceived as a discount, further pressuring the stock.
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