Why PAR Technology Stock Plummeted Today

Shares of PAR Technology (NYSE: PAR) have plummeted today, down by 11% as of 12:30 p.m. EDT, after the company priced a secondary offering announced yesterday. The offering priced at $38 per share, slightly below yesterday's closing price of $40.51.

PAR issued 3.35 million shares at $38 each, raising total gross proceeds of approximately $127.3 million. The underwriter has a 30-day option to purchase an additional 502,500 shares at the offering price. PAR, which provides technology solutions to the hospitality sector, says it expects to use the proceeds from the offering for working capital and general corporate purposes, which may potentially include acquisitions.

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Source Fool.com