WHD - Cactus slips on $125M stock offering
Cactus, Inc. ( NYSE: WHD ) -2.4% post-market Tuesday after announcing a public offering of $125M shares of class A common stock, with an underwriters option to purchase up to $18.75M of additional shares.
The company said it plans to use the proceeds to finance part of its $621M acquisition of FlexSteel Technologies.
The deal "enhances Cactus' position as a premier manufacturer of specialized technologies delivered directly to our industry's end-users," President and CEO Scott Bender said.
Cactus ( WHD ) reported better than expected earnings and revenues in its most recent quarterly results .
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Cactus slips on $125M stock offering