Why Infrastructure and Energy Alternatives Stock Got Crushed Today

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Shares of Infrastructure and Energy Alternatives (NASDAQ: IEA) have gotten crushed today, down by 15% as of 12:15 p.m. EST, after the company priced a secondary stock offering. The deal priced at $16.75 per share, a significant discount compared to yesterday’s closing price of $21.86.

The company, which goes by IEA, is not issuing or selling any shares. Rather, a large existing shareholder is selling 8 million shares at the offering price. Total gross proceeds from the deal are expected to be roughly $134 million, and the underwriters will have a 30-day option to buy approximately 853,000 additional shares. The selling shareholder is Oaktree Capital (and affiliated funds). The infrastructure construction company will not receive any proceeds from the deal.

Image source: Getty Images.

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