Shares of Ford (F) Slide 10% Amid 300M Share Equity Offering
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Ford's (NYSE: F) stock price has fallen by more than 12% today following news last night that it plans to offer up to 300 million shares of its common stock. While the automaker has not yet priced the offering, traders are selling the stock today as dilution fears loom.
Shares of Ford most recently traded at $5.37.
Ford said it plans to use proceeds from the offering for general corporate purposes, including to fund with cash, instead of stock, a portion of the payments the company is required to make to the Voluntary Employee Beneficiary Association retiree health care trust with the UAW.
As we noted earlier, markets are awash in equity, with already $30 billion plus in offerings announced in April alone.
Shares of Ford most recently traded at $5.37.
Ford said it plans to use proceeds from the offering for general corporate purposes, including to fund with cash, instead of stock, a portion of the payments the company is required to make to the Voluntary Employee Beneficiary Association retiree health care trust with the UAW.
As we noted earlier, markets are awash in equity, with already $30 billion plus in offerings announced in April alone.
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