Reported Earlier, The Pennant Group Prices $108.5M Public Offering Of 3.5M Common Shares At $31/Share
Portfolio Pulse from Benzinga Newsdesk
The Pennant Group has announced a public offering of 3.5 million common shares at $31 per share, totaling $108.5 million. The proceeds will be used to repay debt and for general corporate purposes. The offering is expected to close on October 4, 2024.
October 03, 2024 | 6:56 am
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The Pennant Group is conducting a public offering of 3.5 million shares at $31 each, raising $108.5 million. The funds will be used to repay debt and for general corporate purposes.
The issuance of new shares typically dilutes existing shareholders' equity, which can lead to a short-term decrease in stock price. However, using proceeds to repay debt could improve financial stability, potentially offsetting some negative impacts.
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