Shares of The York Water Company (YORW) drops 5% on Thursday morning after pricing a public offering at $28.50 per share.
The stock is currently trading at $29.21, down $1.63 or 5.28%, on the Nasdaq. It opened at $28.50 after closing the previous session at $30.84. The stock has traded between $28.26 and $36.48 over the past 52 weeks.
York Water priced an offering of 1.52 million shares at $28.50 per share, raising approximately $43 million in gross proceeds.
The company plans to use the funds for capital investments, debt repayment, and potential acquisitions.
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