Shares of Flowco Holdings Inc. (FLOC) are moving down about 9 percent on Friday morning trading following the announcement of pricing of an underwritten public offering by certain affiliates of GEC Advisors LLC of 7.8 million shares at $22.00 per share.
The company's stock is currently trading at $22.05, down 9.81 percent or $2.38, over the previous close of $24.45 on the New York Stock Exchange. It has traded between $14.03 and $26.54 in the past one year.
Additionally, a 30-day option has been granted to underwriters to purchase up to an additional aggregate 1.170 million shares at the public offering price, less underwriting discounts and commissions.
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