Constellation Energy Corporation (CEG) shares declined 5.78 percent to $271.11, down $16.64 on Monday, after the company announced a large secondary stock offering by existing shareholders.
The stock is currently trading at $271.11, compared with a previous close of $287.75 on the Nasdaq. It opened at $275.00 and traded between $264.21 and $278.61 during the session, with volume reaching 4.74 million shares versus average daily volume of 3.09 million shares.
Constellation Energy Corporation said certain selling shareholders priced an underwritten public offering of 11 million shares of common stock at $281.00 per share, representing a transaction value of approximately $3.09 billion. The company is not selling any shares in the offering and will not receive any proceeds from the sale.
The company also announced plans to repurchase 2 million shares from the underwriters at the same price paid to the selling shareholders.
Constellation Energy shares have traded between $243.30 and $412.70 over the past 52 weeks.
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