Why Chart Industries Shares Are Diving

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Chart Industries, Inc. GTLS shares are trading lower by 13.79% to $116.36 going into the close of Thursday's session after the company announced proposed public offerings of $600 million of common stock and $300 million of depository shares.

Chart intends to use the proceeds from the offerings to fund in part the previously announced acquisition of Howden from affiliates of KPS Capital Partners, LP by reducing the amount of Series A Cumulative Participating Convertible Preferred Stock to be issued to Granite Holdings I B.V., a Dutch private limited liability company, under the equity purchase agreement in connection with the acquisition.

See Also: Why Li Auto, NIO And XPeng Shares Are Trading Higher

According to data from Benzinga Pro, GTLS has a 52-week high of $242.58 and a 52-week low of $108.29.

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