ALB - Why Albemarle Stock Is Tumbling Tuesday | Benzinga
Albemarle Corp (NYSE:ALB) shares are trading lower Tuesday after the company announced a proposed public offering.
What To Know: After the market close on Monday, Albemarle commenced an offering of $1.75 billion of depositary shares in an underwritten registered public offering. The company said it plans to grant the underwriters a 30-day option to purchase up to an additional $262.5 million of its depositary shares.
Albemarle expects to use the net proceeds for general corporate purposes, which may include funding growth capital expenditures, such as the construction and expansion of lithium operations in Australia and China, and repaying the company's outstanding commercial paper.
Albemarle reported fourth-quarter financial results a couple of weeks ago. The company said it had approximately $1.9 billion in liquidity, including $889.9 million in cash and cash equivalents as ...