Why Coty Stock Is Trading Lower

Coty Inc COTY shares are trading lower by 3.5% to $11.38 Tuesday morning after the company announced it filed for a shelf offering.

Per Coty, the offering of 33 million shares will be made to the public in the United States and on a private placement basis outside of the United States.

The company says it intends to use the net proceeds from the offering primarily to retire principal amount of outstanding debt.

Other uses include general corporate purposes, such as strategic investments in its business, working capital and capital expenditures.

According to data from Benzinga Pro, COTY has a 52-week high of $13.46 and a 52-week low of $6.19.