Why Opera (OPRA) Stock Is Nosediving

Opera Ltd OPRA shares are trading lower by 11.4% to $11.56 Friday morning after the company announced the pricing of its underwritten secondary public offering of 6,876,506 ADSs to be sold by a pre-IPO shareholder at a public offering price of $12.25 per ADS.

Opera has granted the underwriters a 30-day option to purchase up to an additional 15%, or 1,031,475 ADSs in connection with the offering.

The offering is meanwhile expected to close on October 4, subject to customary closing conditions.

According to data from Benzinga Pro, OPRA has a 52-week high of $28.58 and a 52-week low of $3.92.