Symbotic Stock Plunges After Hours: Here's Why

Symbotic Inc (NASDAQ:SYM) shares are tumbling in Wednesday’s after-hours session after the company announced a common stock offering.

• SYM shares are retreating from recent levels. Get the scoop here.

What To Know: Symbotic said it commenced an underwritten public offering of 10 million shares by the company and an affiliate of SoftBank.

Symbotic will offer 6.5 million shares in a primary offering, and SVF Sponsor III (SoftBank affiliate) will offer an additional 3.5 million shares in a secondary offering.

The robotics technology company plans to grant the underwriters a 30-day window to purchase up to an additional 1.5 million shares at the public offering price.

Symbotic expects to use the net proceeds from the primary offering for general corporate purposes. The selling stockholder will receive all proceeds from the 3.5 million share offering.

Symbotic said it had approximately $1.25 billion in cash and cash equivalents as of Sept. 27 when it reported earnings at the end of November.

SYM Price Action: Symbotic shares were down 11.84% in after-hours Wednesday, trading at $64.55 at the time of publication, per Benzinga Pro.

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