2023-06-05 16:31:06 ET
Blue Bird Corporation ( NASDAQ: BLBD ) swung lower in after-hours trading on Monday after announcing that affiliates of Coliseum Capital Management and American Securities intend to offer 5M shares of the bus manufacturer's common stock. There are just over 32M shares outstanding on Blue Bird ( BLBD ).
The selling stockholders intend to grant the underwriters a 30-day option to purchase up to an additional 750K shares of BLBD stock at the public offering price, less underwriting discounts and commissions. The offering consists entirely of secondary shares to be sold by the selling stockholders, who will receive all of the proceeds from the offering. Blue Bird is not selling any shares in the offering and the number of total shares issued will be unaffected.
The offering is being made pursuant to an effective shelf registration statement filed by Blue Bird with the SEC on December 21, 2021.
Shares of Blue Bird ( BLBD ) fell 8.31% in after-hours trading to $23.05 vs. the 52-week range of $7.14 to $28.80.
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- Blue Bird Q2 earnings call transcript
- Seeking Alpha's Quant Rating for Blue Bird Orbital
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Blue Bird falls after disclosing secondary public offering