Performant Financial To Raise $40M Via Stock Offering

Performant Financial Corp (NASDAQ:PFMT) has priced its public offering of 10.525 million shares at $3.80 per share.
The company granted underwriters a 30-day option to purchase up to an additional 1.58 million shares.
The company expects gross proceeds from this offering to be ~$40 million.
The offering is scheduled to close on August 20, 2021.
Performant Financial intends to use the offering net proceeds for working capital and other general corporate purposes.
Price Action: PFMT shares are trading lower by 9.13% at $3.89 on the last check Wednesday.