Reported Earlier, Agree Realty Prices Upsized Public Offering Of 4.4M Common Shares At $74/Share
Portfolio Pulse from Benzinga Newsdesk
Agree Realty has priced an upsized public offering of 4.4 million common shares at $74 per share. The company has entered into forward sale agreements with Citibank and Wells Fargo for these shares, with the potential to increase to 5.06 million shares if underwriters exercise their option.
October 25, 2024 | 6:35 am
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Agree Realty has announced an upsized public offering of 4.4 million shares at $74 each, with forward sale agreements involving Citibank and Wells Fargo. This could increase to 5.06 million shares if underwriters exercise their option.
The announcement of a public offering typically leads to a short-term decrease in stock price due to dilution concerns. The forward sale agreements with major banks like Citibank and Wells Fargo add credibility but do not negate the dilution effect. The potential increase in shares if underwriters exercise their option further supports the likelihood of a short-term price decrease.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100