Shares of Priority Technology Holdings, Inc. (PRTH) slipped over 15% on Wednesday morning after the company announced a secondary offering of common stock.
PRTH is currently trading at $8.06, down $1.51 or 15.73%, on the Nasdaq. The stock opened its trading at $9.42 after closing Tuesday at $9.57. The stock has traded between $2.82 and $12.44 in the 52-week period.
Priority Technology has commenced an underwritten secondary offering for 9.2 million shares to be sold by certain selling stockholders.
The selling stockholders will receive all of the net proceeds from the proposed offering. The company will not sell any shares of its common stock in the proposed offering and will not receive any proceeds from the sale of shares of the company's common stock in the offering.
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