Why Archaea Energy Shares Are Falling After Hours

Archaea Energy Inc LFG shares are trading lower in Tuesday's after-hours session after the company announced a secondary offering.

Archaea Energy will underwrite a public offering of 12,993,603 shares of the company's Class A common stock being sold by an existing shareholder.

The selling shareholder intends to grant the underwriters a 30-day option to purchase up to an additional 1,949,040 shares of the company's common stock. The offering consists entirely of shares of Class A common stock to be sold by the selling shareholder. Archaea Energy will not receive any proceeds from the sale.

LFG 52-Week Range: $9.62 - $22.01

The stock was down 8.49% in after hours at $17.90 at time of publication.