Agree Realty Announces Common Stock Offering Of 4M Shares Of Common Stock
Portfolio Pulse from Benzinga Newsdesk
Agree Realty Corporation announced a public offering of 4 million shares of common stock, with an option for underwriters to purchase an additional 600,000 shares. Citigroup and Wells Fargo Securities are managing the offering.
October 24, 2024 | 8:15 pm
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Agree Realty Corporation is offering 4 million shares of common stock, potentially diluting existing shares. This could impact the stock price in the short term.
The issuance of new shares typically leads to dilution, which can negatively impact the stock price as the value of existing shares is spread over a larger number of shares. The involvement of major underwriters like Citigroup and Wells Fargo Securities suggests a well-managed offering, but the immediate effect is likely negative due to dilution concerns.
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