Clearfield Raises $120M Via Upsized Stock Offering At Over 9% Discount

  • Clearfield, Inc CLFD priced 1.2 million shares at $100 per share in an upsized secondary offering.
  • The offering price implies a 9.4% discount on Clearfield's December 6 closing price of $110.37.
  • The expected gross proceeds are $120 million. Clearfield upsized the offering from the previously planned $100 million offering.
  • The underwriters have a 30-day option to purchase up to 180,000 shares.
  • The offering proceeds will serve working capital and general corporate purposes.
  • Clearfield held $22.5 million in cash and equivalents as of September 30.
  • Clearfield reported fourth-quarter net sales growth of 110% year-on-year to $95 million, beating the consensus of $71.4 million.
  • Clearfield's organic revenue grew to $88 million, representing an increase of 94%, while Nestor Cables generated $7 million in revenue. 
  • EPS of $1.22 beat the consensus of $0.86.
  • Price Action: CLFD shares traded lower by 5.42% at $104.39 in the premarket on the last check Wednesday.
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