Neptune Insurance Holdings Inc. (NP) shares declined 8.52 percent to $28.08, down $2.60 on Tuesday, likely after the company announced a public offering of shares by existing stockholders yesterday.
The stock is currently trading at $28.08, compared with a previous close of $30.68 on the New York Stock Exchange. It opened at $28.59 and traded between $26.52 and $28.60 during the session, with volume totalling 71,553 shares, below the average daily volume of 404,018 shares.
The company said certain selling securityholders plan to offer 8.36 million shares of Class A common stock, with underwriters holding a 30-day option to purchase up to an additional 1.25 million shares. Neptune also intends to repurchase 835,561 shares from the underwriters at the same price paid to the selling stockholders.
Neptune Insurance shares have traded between $14.78 and $33.24 over the past 52 weeks.
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