WHD - Cactus shares slide on pricing upsized 2.8M share spot secondary at implied $53.50
- Cactus ( NYSE: WHD ) is down 3.24% after-hours after the firm has priced an upsized underwritten offering of 2,803,739 shares of its Class A common stock for total gross proceeds of ~$150M.
- The deal size was increased to $150M from $125M and priced inside the $53.00-$54.50 range.
- Underwriters are granted an option to purchase up to an additional 420,561 shares of common stock at the public offering price.
- Offering is expected to close on January 13, 2023.
- Net proceeds from this offering will be used to finance a portion of its previously announced acquisition of FlexSteel Technologies Holdings, Inc. and its affiliates.
- JPMorgan is acting as sole book running manager for the offering.
- Cactus ( WHD ) reported better than expected earnings and revenues in its most recent quarterly results .
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Cactus shares slide on pricing upsized 2.8M share spot secondary at implied $53.50