Why Array Technologies Stock Plummeted Today

Shares of Array Technologies (NASDAQ: ARRY) fell today after the company announced a secondary offering of 31 million shares of its stock. 

The tech stock was down by 12.1% as of 11 a.m. EDT.

Array said in a press release yesterday that it will hold a secondary offering of 31 million shares of its common stock, with an option of selling an additional 4.4 million. The shares will be sold by Oaktree Capital, a current Array stockholder. Array Technologies said that it won't receive any proceeds from the sale of the shares. 

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Source Fool.com