MITT - AG Mortgage Investment stock slides 6% after 7M share offering

AG Mortgage Investment Trust (NYSE:MITT) stock decline 5.6% in after-hours trading following a public offering of 7M shares of its common stock. The company expects to grant underwriters a 30-day option to purchase up to an additional 1,050,000 shares. AG REIT Management, the company's external manager, commits to purchase 700K shares in the offering. In addition, AG Mortgage Investment (MITT) Chairman and CEO David Roberts also commits to purchase 200K shares in the offering. The company plans to use $50.6M of the net proceeds from the offering to acquire four newly originated non-agency residential mortgage loan pools, totaling $530.7M in aggregate unpaid principal balance, and the remainder to acquire other target assets, with a primary focus on non-agency residential mortgage loans. Previously, (Sep. 23) AG Mortgage's last legacy commercial investment generates $28.1M net proceeds.

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AG Mortgage Investment stock slides 6% after 7M share offering