Gloo Holdings has priced its previously announced underwritten public offering at $3.25 per Class A common share, according to the report. The company is selling 7 million shares in the transaction, which is expected to close on July 10.
The offering is expected to generate gross proceeds of about $22.75 million before fees and expenses. Gloo also gave the underwriters a 30-day option to buy up to 1.05 million additional shares at the same price, which would add roughly $3.41 million in gross proceeds if fully exercised.
According to the report, the company plans to use the net proceeds for general corporate purposes. Those uses may include acquisitions and investments in businesses, products, services or technologies, along with working capital, operating expenses and capital expenditures.
Stock moves after pricing
Gloo’s shares ended Wednesday’s regular session up 5.29% at $3.98 on Nasdaq, then fell 9.55% in after-hours trading to $3.60.
Source: nasdaq.com
