Why RadNet (RDNT) Stock Is Getting Hammered

RadNet Inc RDNT shares are trading lower by 8.71% to $30.12 Wednesday afternoon after the company announced the pricing of its underwritten public offering of 7.575 million shares for $29.75 per share and approximately $225 million in gross proceeds.

RadNet has granted the underwriters a 30-day option to purchase additional common stock, up to 1,136,250 shares, at the public offering price, with the offering expected to close around June 16, subject to customary closing conditions.

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The net proceeds from the offering will be utilized by RadNet to pay down $100 million of its first lien term loans and for general corporate purposes.

According to data from Benzinga Pro, RDNT has a 52-week high of $32.97 and a 52-week low of $12.03.