RE - Everest Re falls 4% after hours on stock offering
2023-05-16 16:43:17 ET
- Everest Re ( NYSE: RE ) stock fell 4.1% after hours on Tuesday as the firm announced an underwritten public offering of 3M shares .
- Underwriters will have the option to buy up to 450K additional shares from Everest Re ( RE ).
- Net proceeds will be used for general corporate purposes, which may include expanding existing business lines and operations.
- The stock had ended 1.2% on Tuesday.
- Everest Re ( RE ) was reportedly planning an equity raise as it "seeks to attack the harder reinsurance market".
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Everest Re falls 4% after hours on stock offering