Market Overview

Magic Software To Sell 3.26 Million Shares, Stock Falls 12.2% (MGIC)

Shares of Magic Software Enterprises Ltd. (Nasdaq: MGIC) are trading down 12.2% at $6.70 per share during the Monday afternoon trading session.

Magic Software Enterprises Ltd announced earlier today that it had reached an agreement to sell 3.26 million shares at a price of $6.50 per share to institutional investors in a private placement valued at approximately $21.2 million.

The day's range for shares of Magic Software Enterprises Ltd has been between $6.51 and $7.94 per share.

Volume of 2.3 million shares is already more than triple the daily average volume of 680,000 shares.

Magic Software Enterprises Ltd. (MGIC) is a global provider of cloud and on-premise application platform solutions – including full client, rich internet applications (RIA), mobile and Software-as-a-Service (SaaS) modes – and business and process integration solutions.

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