Why New Fortress Energy Stock Is Falling

New Fortress Energy Inc NFE shares are trading lower by 9.19% to $44.39 Thursday morning after the company announced pricing of a secondary offering of common stock.

The offering of 6,900,000 shares of its common stock by Energy Transition Holdings LLC will be at a price to the public of $46.00 per share.

The company will not receive any proceeds from the sale of the shares by the selling stockholder. The offering is expected to close on December 19, subject to customary closing conditions.

According to data from Benzinga Pro, New Fortress Energy has a 52-week high of $63.06 and a 52-week low of $19.17.