FRC - First Republic Bank stock slides on offering of 2M shares
- First Republic Bank ( NYSE: FRC ) shares slid ~3% in extended trading session on Monday after the wealth management company announced an underwritten public offering of 2M shares of its common stock.
- Terms of the offering are yet to be determined.
- Underwriters have been granted a 30-day option to purchase up to an additional 300K shares from First Republic ( FRC ).
- Net proceeds from the offering will be used for general corporate purposes, which may include, among other things, funding loans or purchasing investment securities for its portfolio.
- Offering is expected to close on August 4, 2022.
For further details see:
First Republic Bank stock slides on offering of 2M shares