Amer Sports, Inc. (AS) shares declined 6.70 percent to $35.35, down $2.54, after the company priced a public offering of 20,604,396 ordinary shares at $36.40 per share.
The stock is currently trading at $35.35, compared with a previous close of $37.89. It opened at $36.74 and has traded between $35.22 and $36.74 during the session on the New York Stock Exchange. Trading volume stands at 6.34 million shares, above its average volume of 3.98 million shares.
Amer Sports expects to use the net proceeds, along with cash on hand, to redeem its 6.750 percent Senior Secured Notes due 2031 and pay related expenses. The underwriters have a 30-day option to purchase up to an additional 3,090,659 shares.
The stock has traded in a 52-week range of $20.21 to $42.76.
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