Iridium Down Over 7% After Preferred Stock Offering
Iridium Communications (NASDAQ: IRDM) shares have fallen over 7% after the company priced 1 million shares of 7 percent Series A Cumulative Perpetual Convertible Preferred Stock, with a liquidation preference of $100 per share.
The Preferred Stock will be sold in a private offering to qualified institutional buyers. Iridium share are down $0.56 this afternoon to $7.30.
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