Stratasys Shares Are Trading Lower After $200M Secondary Share Sale

by Anusuya Lahiri, Benzinga Staff Writer

March 3, 2021 11:00 AM | 1 min read |

3D printers and 3D production systems manufacturer Stratasys Ltd (NASDAQ: SSYS) priced 6.9 million shares at $29 per share to raise $200 million in a secondary share sale.
The offer price signifies a 10% discount to the Tuesday closing price of $32.28.
The underwriters have a 30-day option to purchase additional shares up to 1 million.
J.P. Morgan and Stifel are the lead book-running managers for the offering. Morgan Stanley is the book-running manager for the offering.
The company generated $23.7 million of operating cash flow in the fourth quarter of FY20, leading to $299.1 million net cash with no debt.
The stock has gained over 99% in the last three months.
Price action: SSYS is trading down by 11.3% at $28.61 on the last check Wednesday.