Why Ormat (ORA) Shares Are Falling Today - Ormat Technologies (NYSE:ORA)

Energy power company Ormat Technologies Inc ORA priced an upsized underwritten secondary offering of 3.7 million shares on behalf of ORIX Corporation. The company priced the shares at $90.00 per share.
The offer price represented a 10% discount on the share’s closing price on November 16.
Ormat is not offering any of its shares in the offering for its own account and will not receive any proceeds from the sale.
The underwriters will have a 30-day option to purchase up to an additional 0.6 million shares of Ormat from ORIX.
The offering is expected to close on November 21, 2022.
Price Action: ORA shares are trading lower by 8.70% at $91.49 in premarket on the last check Thursday.
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