Why Napco Security Technologies Stock Just Dropped 14%
Shares of Napco Security Technologies (NASDAQ: NSSC) -- a maker of security products such as door locks, keypad entries, burglar alarms, and video surveillance systems -- crashed 14.4% through 11:25 a.m. EST today after the company announced a big stock offering last night then set its price this morning.
Napco CEO Richard Soloway intends to sell 2.2 million shares of common stock that he currently owns for $26 apiece -- and may sell an additional 335,000 shares if underwriters exercise an overallotment option.
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Source Fool.com
