Fortress Investment Group's (FIG) Trading 35% Below Where It Priced Its Follow-On Offering
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Back in the middle of May, Fortress Investment Group (NYSE: FIG) took advantage of an opportunity to raise cash and priced 40 million shares at $5 a share.
Fortress's principals did participate and buy shares in the offering at the $5 per share price. Fortress was opportunistic and timely when it raised the cheap money because ealy May was the first time FIG trade over $5 since October of 2008. However, immediately after the offering of shares, Fortress has ceased to trade over $5 a share.
Shares of Fortress today are down 36% from the $5 a share offering price and is now trading in the low $3 range.
Fortress could benefit long-term as it may benefit from buying distressed assets on the cheap, but in the short-term, it will likely face continued turbulence.
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