Transcat slides on stock offering
21/09/2023 13:33
** Transcat Inc's TRNS.O shares down 11.6% at $96.11
premarket after overnight follow-on prices
** Industrial testing/measurement equipment provider sells
736,845 shares at $95 for $70 mln gross raise
** Offering price is 12.6% discount to stock's last sale on
Weds
** Co plans to use net offering proceeds to repay credit
facility, and for working capital, other corp purposes
** With ~7.97 mln shares outstanding, TRNS has ~$866 mln
market cap
** Through Weds close, stock up 53% YTD
** Oppenheimer sole bookrunner for stock offering
(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))