Altisource Portfolio Solutions S.A. ASPS has priced its underwritten public offering of 4.8 million shares at a price to the public of $3.60 per share.
The offer price represents a 10% discount to the company’s closing price as of September 7.
The gross proceeds of the offering to Altisource are expected to be approximately $17.5 million, before deducting the underwriting discounts and commissions and other estimated offering expenses.
Altisource intends to use the net proceeds from the offering for general corporate purposes, including repayment of $10 million of indebtedness under its credit agreement.
In addition, the company granted the underwriters a thirty-day option to purchase up to an additional 729,166 shares at the public offering price.
B. Riley Securities is acting as the sole book-running manager for the offering.
The offering is expected to close on or about September 12, 2023.
Price Action: ASPS shares are trading lower by 7.5% at $3.71 in premarket on the last check Friday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
