Why Repay Holdings Stock Popped Today

Shares of Repay Holdings (NASDAQ: RPAY) have popped today, up by 9% as of noon EDT, after the company reported pricing for a secondary offering. The fintech specialist had announced the public offering earlier this week.

The at-the-market offering priced at $20, just slightly below yesterday's closing figure of $20.62. Repay sold 8 million shares through the deal and underwriters have a 30-day option to purchase an additional 1.2 million shares. Gross proceeds should be roughly $160 million before factoring in underwriting commissions, discounts, and other related fees. If the underwriters exercise their options in full, Repay could raise another $24 million in gross proceeds.

Image source: Getty Images.

Source Fool.com