Super Micro Computer Stock Slides On Proposed Public Offering

Super Micro Computer Inc SMCI shares are sliding in Thursday's after-hours session as the company announced a proposed public offering.

What Happened: After the close on Thursday, Super Micro launched a proposed underwritten public offering of 2,100,700 shares of its common stock. 

Super Micro is offering two million shares, and certain selling stockholders are offering the remaining shares. The company also expects to grant the underwriters a 30-day option to purchase up to an additional 315,105 shares.

Pricing details of the offering have yet to be disclosed. As of Sept. 30, Super Micro had $543 million in cash and equivalents and a total bank debt of $146 million.

See Also: Cybertruck Delivery Event: Elon Musk Highlights Tesla's 'Best Product,' Says 'Finally The Future Will Look Like The Future'

SMCI Price Action: Super Micro shares were down 4.93% after hours on the news. The stock was hovering around $260 at the time of writing, according to Benzinga Pro.

Photo: axonite from Pixabay.