HRZN - Horizon Technology Finance announces proposed stock offering

Horizon Technology Finance (NASDAQ:HRZN) announced a proposed underwritten primary offering of 2.5M shares. HRZN intends to grant the underwriters for the offering a 30-day option to purchase up to an additional 375K shares. The company intends to use the net proceeds to repay its outstanding debt borrowed under its revolving credit facility provided by KeyBank National Association. However, through re-borrowing of initial repayments under this credit facility, HRZN intends to use net proceeds from the offering to make investments and pay its operating expenses and other cash obligations. HRZN stock fell 2% postmarket following the announcement.

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Horizon Technology Finance announces proposed stock offering