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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