Forgent Power Solutions, Inc. (FPS) shares fell 9.61 percent to $32.34, down $3.44 on Wednesday, after the company announced a sizeable public offering of Class A common stock.
The stock is currently trading at $32.34 compared with its previous close of $35.78. Shares opened at $33.38 and traded between $32.10 and $33.89 during the session on the New York Stock Exchange. Trading volume reached about 1.88 million shares, below the average volume of about 4.07 million shares.
Forgent said the offering includes 20.69 million shares being sold by stockholders controlled by Neos Partners, LP and 9.31 million new shares issued by the company, with underwriters holding options for additional shares.
The stock has traded in a 52-week range of $25.95 to $37.53.
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