American Public Education: Drops on discounted share offering

American Public Education

25/02/2021 14:22

** Online education provider's shares  APEI.O  drop ~11% to
$26.50 premarket 
    ** Co announces public offering of 3.20 mln shares at a
price of $25/share to raise proceeds of ~$80 mln  urn:newsml:reuters.com:*:nPn7gMry2a
    ** Offering represents a dicount of ~16% to APEI's last
close
    ** Co has 14.81 mln shares outstanding and free float of
14.20 mln shares
    ** APEI intends to use the net proceeds for general
corporate purposes, partly to fund costs associated with closing
of the acquisition of Rasmussen University
    ** Truist Securities and William Blair are acting as joint
lead book-running managers and as representatives of the
underwriters for offering that is expected to close on March 1
    ** APEI shares are down ~3% this year, as of last close

 (Reporting by Lasya Priya M in Bengaluru)
 ((LasyaPriya.M@thomsonreuters.com;))