Why Are McAfee Shares Trading Lower Today?

September 10, 2021 10:10 AM | 1 min read |

Cybersecurity firm McAfee Corp MCFE priced 20 million shares offered by its selling shareholders at $22.50 per share to raise $450 million in a secondary equity offering.
The offer price implies a 9% discount to McAfee's September 8 closing price of $24.72. McAfee will not receive any proceeds from the sale.
The underwriters have a 30-day option to purchase up to an additional 3 million shares.
The stock has gained 63.2% year-to-date.
Price Action: MCFE shares traded lower by 6.86% at $21.72 in the market session on the last check Friday.