Altisource dives to record low on stock offering

Altisource Portfolio Solutions SA

10/02/2023 15:52

** Shares of Altisource Portfolio Solutions S.A.  ASPS.O 
fall 33% to record low $4.25 on Fri, and last down 24.1% at
$4.81 as co raises equity
    ** Luxembourg-based real estate and mortgage services
provider sells 4 mln shares for $20 mln raise  urn:newsml:reuters.com:*:nGNX3ZKMXK
    ** Offering price of $5 represents 21% discount to stock's
Thurs close
    ** Co plans to use net proceeds to repay debt
    ** ASPS has ~16.12 mln shares outstanding and ~9.4 mln
shares of free float, per Refinitiv
    ** On Feb 3, ASPS shares rose 24% to close at $7.23 after co
said it reached agreement with lenders holding approx 98% of its
term loans
    ** Altisource's customer base includes government-sponsored
enterprises, asset managers, several large bank and non-bank
servicers including Ocwen Financial Corp  OCN.N 
    ** With move on the session, shares have lost about 50% YTD
 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))