Funko falls after announcing $100 mln mixed shelf, shareholder offering plans
18/07/2022 15:41
** Funko Inc's FNKO.O shares down 3.0% to $22.76, hit
3-week low early Mon, after toymaker announces mixed shelf,
offering by shareholders
** Co late Fri said it may sell up to $100 mln of
common/preferred stock, debt or warrants, and existing holders
may offer up to 17.3 mln shares, according to SEC filing https://www.sec.gov/Archives/edgar/data/1704711/000119312522195084/d381413ds3.htm#toc381413_15
** The Chernin Group (TCG) among sellers cited in the
filing; In early May, an investor group led by TCG acquired
~12.5 mln FNKO shares (~27% stake) for $263 mln investment
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** eBay Inc EBAY.O was among the investors and e-commerce
firm became preferred secondary marketplace for FNKO
** Avg rating among 8 analysts covering FNKO is "buy", per
Refinitiv data; median PT $28
** With moves on the session, shares up ~21% YTD vs Nasdaq's
.IXIC 26% slide
(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))