Teekay Tankers (TNK) Slumps After Pricing 15M Offering at Massive Discount
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Teekay Tankers Ltd. (NYSE: TNK) is lower Wednesday following pricing of a common stock offering earlier.
Teekay said its was pricing a 15 million Class A common offering at $4 per share. The price was an 11.7 percent discount to Tuesday's closing at $4.53 per share. Also of note, the price is just 19 percent above its 52-week low of $3.36.
Investors are taking the pricing seriously, shares are 12 percent lower on the session. With only 61 million outstanding shares allocated, the pricing might indicate lack of confidence in the company at this point, with the discounted price set to bring in investors.
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Teekay said its was pricing a 15 million Class A common offering at $4 per share. The price was an 11.7 percent discount to Tuesday's closing at $4.53 per share. Also of note, the price is just 19 percent above its 52-week low of $3.36.
Investors are taking the pricing seriously, shares are 12 percent lower on the session. With only 61 million outstanding shares allocated, the pricing might indicate lack of confidence in the company at this point, with the discounted price set to bring in investors.
Get immediate access to market moving news and alerts with StreetInsider.com Premium - FREE TRIAL!
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