Why Core Laboratories Stock Sank Today
Shares of Core Laboratories (NYSE: CLB) sank today, down by 9% as of 2:30 p.m. EST, after the company announced a secondary offering. Core Laboratories is looking to raise $60 million.
The deal will be conducted as an at-the-market (ATM) offering, with distribution partner banks selling shares into the market at prevailing prices. Like all stock offerings, this one will be dilutive to existing shareholders. The company, which provides services to the oil and gas industry, had approximately 44.5 million shares outstanding at last count.
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Source Fool.com
