FOCS - Focus Financial Partners to issue 2.5M shares in direct offering

Focus Financial Partners (NASDAQ:FOCS) launches stock offering of 3,204,448 shares which includes 704,448 shares in secondary offering; remaining 2.5M in direct that will have a dilutive impact on existing shareholders. Price, size and other terms not yet determined. The company intends to use the net proceeds to redeem units in Focus LLC from certain unitholders and the balance for general corporate purposes. Stock is down 4% in after-hours trading. Recently, Focus Financial raised its long-term target for revenue.

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Focus Financial Partners to issue 2.5M shares in direct offering