Why the price has dropped today
- Ready Capital Corp’s (NYSE: RC) share price fell 5.68% today. That’s why it happened.
Ready Capital Corp’s (NYSE: RC) share price fell 5.68% today. Investors are reacting negatively to Ready Capital by announcing that the company has priced an increased subscription public offering of 7 million common shares for total gross proceeds of approximately $ 108.9 million.
As part of the offer, the Company has granted the underwriters a 30 day option to purchase up to 1.05 million additional common shares. And Ready Capital intends to use the net proceeds of this offering to create or acquire the target assets of the company in accordance with its investment strategy and for general corporate purposes. The offer is expected to close on January 14, 2022 and is subject to customary closing conditions.
Morgan Stanley, UBS Investment Bank, Wells Fargo Securities, Keefe, Bruyette & Woods (a Stifel company) and Raymond James are acting as co-book managers for the offering. The Underwriters propose to offer the Common Shares from time to time for sale in negotiated transactions or otherwise, at market prices prevailing at the time of the sale, at prices related to such prevailing market prices or at negotiated prices.
Disclaimer: This content is intended for informational purposes. Before you make an investment, you need to do your own analysis.