Ormat Technologies Stock Falls As Stockholder Equity Offering Priced At 10% Discount

Ormat Technologies Stock Falls As Stockholder Equity Offering Priced At 10% Discount
  • Energy power company Ormat Technologies Inc ORA priced an upsized underwritten secondary offering of 3.7 million shares on behalf of ORIX Corporation. The company priced the shares at $90.00 per share.
  • The offer price represented a 10% discount on the share’s closing price on November 16.
  • Ormat is not offering any of its shares in the offering for its own account and will not receive any proceeds from the sale.
  • The underwriters will have a 30-day option to purchase up to an additional 0.6 million shares of Ormat from ORIX.
  • The offering is expected to close on November 21, 2022.
  • Price Action: ORA shares are trading lower by 8.70% at $91.49 in premarket on the last check Thursday.
  • Photo Via Company

Posted In: Briefswhy it's movingNewsOfferingsMoversTrading IdeasGeneral