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Why Futu Stock Fell Today

TheMotleyFool

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Shares of Futu (NASDAQ: FUTU) have fallen today, down by 7% as of 1:10 p.m. EDT, after the company announced pricing of a secondary offering. The offering to sell 9.5 million American depositary shares (ADSs) was proposed a couple of days ago.

The deal was priced at $33 per ADS, which was below yesterday's closing price of $35.40. It's not uncommon for companies to price secondary offerings at a discount to the market in order to entice investors into buying the stock. The underwriters of the offering will have an option to purchase up to 1.43 million more ADSs based on investor demand.

Image source: Getty Images.

Source Fool.com

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