CPI Card Group Inc. (NASDAQ:PMTS) stock fell Friday after existing stockholders priced a secondary public offering at $21.50 per share, about 20% below Thursday’s closing price of $26.94.
Offering Prices At Steep Discount
CPI Card Group said stockholders affiliated with Parallel49 Equity will sell 2.34 million shares at $21.50 each.
The offering is expected to generate about $50.3 million in gross proceeds before underwriting discounts and other expenses.
The underwriters also received a 30-day option to buy up to 350,598 additional shares at the offering price, less the underwriting discount.
