Gates Industrial Corporation plc GTES shares are trading lower by 4.4% to $11.72 Friday morning after the company announced the pricing of a secondary offering of 15 million ordinary shares by certain selling stockholders affiliated with Blackstone Inc.
The selling stockholders have granted underwriters a 30-day option to purchase up to 2,250,000 additional ordinary shares. The underwriters may sell these shares through various methods and markets.
The offering is set to close on December 13. Gates itself is not offering any shares and won't receive proceeds from this sale.
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According to data from Benzinga Pro, GTES has a 52-week high of $14.93 and a 52-week low of $10.68.
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