2023-06-21 02:57:37 ET
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Madison Square Garden Entertainment ( NYSE: MSGE ) notifies that Sphere Entertainment Group launches an underwritten secondary public offering of 5.25M shares of MSGE's Class A common stock.
- The selling stockholder intends to grant the underwriters a 30-day option to purchase up to an additional 787.5K shares of MSGE's Class A common stock at the public offering price.
- The selling stockholder will receive all of the net proceeds from the offering. MSGE is not selling any shares of its Class A common stock in the offering and will not receive any proceeds from the sale of shares by the selling stockholder in the offering.
- Concurrent with the completion of the offering, it expects to repurchase from the selling stockholders ~$25M shares, under MSGE's existing $250M share repurchase authorization. It intends to fund the share repurchase from cash on hand.
- The closing of the repurchase is subject to the closing of the offering.
- The closing of the offering is not conditioned upon the closing of the repurchase.
- The stock price is down ~5.40% to $37.50 after-hours on Tuesday.
For further details see:
Madison Square Garden Entertainment announces secondary offering and stock repurchase