Stock Track | Getty Realty Plunges 5.23% in Pre-market Following $131 Million Stock Offering

Stock Track02-18

Getty Realty's stock experienced a significant pre-market plunge of 5.23% on Wednesday, as the market reacted to the company's announcement of a new share issuance.

The decline follows Getty Realty's pricing of a public offering of 4,000,000 shares of common stock, with gross proceeds expected to be approximately $131 million. The offering was priced at $32.60 per share, which represents a discount to the stock's previous closing price. The company also granted underwriters a 30-day option to purchase up to an additional 600,000 shares.

Secondary offerings typically create dilution for existing shareholders by increasing the total number of shares outstanding, which often leads to downward pressure on the stock price in the near term. Getty Realty plans to use the net proceeds from this offering for property acquisitions, debt repayment, working capital, and other general corporate purposes.

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