Why Opera (OPRA) Shares Are Down 10%

Opera Ltd OPRA shares are trading lower by 10.3% to $13.19 Thursday afternoon after the company announced a proposed secondary follow-on public offering of American Depositary Shares (ADSs).

The company on Wednesday commenced an underwritten secondary public offering of 6,876,506 ADSs from a pre-IPO shareholder.

What Else?

Opera says the company intends to grant the underwriters a 30-day option to purchase up to an additional 15% of the ADSs to be sold in the proposed public offering.

The company meanwhile says the proposed offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.

According to data from Benzinga Pro, OPRA has a 52-week high of $28.58 and a 52-week low of $3.92.