Why Clearfield (CLFD) Stock Is Falling Today - Clearfield (NASDAQ:CLFD)

Clearfield, Inc CLFD priced 1.2 million shares at $100 per share in an upsized secondary offering.
The offering price implies a 9.4% discount on Clearfield's December 6 closing price of $110.37.
The expected gross proceeds are $120 million. Clearfield upsized the offering from the previously planned $100 million offering.
The underwriters have a 30-day option to purchase up to 180,000 shares.
The offering proceeds will serve working capital and general corporate purposes.
Clearfield held $22.5 million in cash and equivalents as of September 30.
Clearfield reported fourth-quarter net sales growth of 110% year-on-year to $95 million, beating the consensus of $71.4 million.
Clearfield's organic revenue grew to $88 million, representing an increase of 94%, while Nestor Cables generated $7 million in revenue.
EPS of $1.22 beat the consensus of $0.86.
Price Action: CLFD shares traded lower by 5.42% at $104.39 in the premarket on the last check Wednesday.

Clearfield Raises $120M Via Upsized Stock Offering At Over 9% Discount