Altus Power Shares Drop After Secondary Stock Offering Prices
September 29 2022 - 10:35AM
Dow Jones News
By Dean Seal
Shares of Altus Power Inc. were down 23% to $10.95 in early
trading Thursday after the company said a stockholder affiliated
with Blackstone Inc. plans to sell 7 million shares in an
underwritten public offering.
The solar-power company announced the secondary offering after
the market closed Wednesday, and said later that night that the
offering had been priced at $11.50 a share.
The offering is expected to net proceeds of $80.5 million before
underwriting discounts and commissions and close on Oct. 3, the
company said. Altus won't receive any proceeds from the sale.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
September 29, 2022 10:20 ET (14:20 GMT)
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