Why ADT Stock Is Down 7% Today
Portfolio Pulse from Henry Khederian
ADT Inc shares fell 6.5% following the announcement of a secondary public offering of 56 million shares by Apollo Global Management, with ADT planning to repurchase 16 million shares. The offering is set to close on October 30, 2024.
October 28, 2024 | 4:07 pm
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ADT Inc shares fell 6.5% due to a secondary public offering of 56 million shares by Apollo Global Management. ADT plans to repurchase 16 million shares, impacting short-term stock price.
The announcement of a large secondary public offering typically leads to a decrease in stock price due to dilution concerns. Although ADT plans to repurchase 16 million shares, the immediate market reaction is negative, as seen by the 6.5% drop in share price.
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