America's Car-Mart Hits 52-Week Low After Public Offering Prices

Dow Jones09-20

By Chris Wack

America's Car-Mart shares fell Thursday to hit a 52-week low after the company priced an underwritten public offering of 1.7 million shares at $43 a share.

The stock was recently down 15%, at $42.32 a share, after dropping to a 52-week low of $40.60 earlier in the session.

The automotive retailer has granted the underwriters a 30-day option to buy up to an additional 255,000 shares at the public offering price, less underwriting discounts and commissions.

The offering is expected to close on or about Friday.

Car-Mart said it intends to use the proceeds from the proposed offering to repay a portion of the balance on its revolving credit facilities. Any remaining proceeds will be used for general corporate purposes.

Write to Chris Wack at chris.wack@wsj.com

(END) Dow Jones Newswires

September 19, 2024 13:44 ET (17:44 GMT)

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