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Altus Power Stock Down 25% After Secondary Offering Priced At $11.50/shr

Shares of Altus Power, Inc. (AMPS) are slipping nearly 25% on Thursday morning after the company priced a secondary offertin at $11.50 per share.

AMPS is currently trading at $10.70, down $3.52 or 24.77%, on the NYSE, on a volume of 2.7 million, above average volume of 0.7 million. The stock opened its trading at $11.50 after closing Wednesday's trading at $14.23. The stock has traded between $4.26 and $14.72 in the 52-week period.

Altus Power, a developer, owner and operator of commercial-scale solar facilities, announced that a secondary offering of its Class A common stock by a selling stockholder affiliated with Blackstone was priced at $11.50 per share for 7 million shares. The offering is expected to close on or about October 3, 2022.

Altus Power will not receive any proceeds from the sale of shares of its Class A common stock by Blackstone.

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