Shares of wireless solutions company Cambium Networks (NASDAQ: CMBM) fell as much as 15.7% in trading Friday after the company announced a share offering. Shares remained sharply lower throughout the day and were down 14.1% at 12:45 p.m. EDT.
On Tuesday, Cambium's management said shareholder Vector Cambium Holdings intended to sell 2.5 million shares through an underwritten secondary offering. Underwriters would be given the option to purchase another 375,000 shares for 30 days, which is customary.
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Why Cambium Networks' Shares Plunged 15.7% on Friday