Chemicals firm Arq slides on pricing stock offering

Arq

20/09/2024 14:25

** Shares of specialty chemicals co Arq Inc  ARQ.O  down
14.1% premarket to $5.30 on equity raise
    ** Colorado-based producer of carbon products announces 4.8
mln share offering priced at $5.25 for $25 mln gross raise
    ** Offering price represents ~15% discount to stock's last
close
    ** Arq plans to use net offering proceeds for general
purposes, including continued construction of facilities at Red
River and Corbin located in Coushatta, Louisiana and Corbin,
Kentucky, respectively
    ** Co has ~36.5 mln shares outstanding for ~$225 mln market
value and ~26.89 mln shares of free float, per LSEG
    ** Through Thurs, shares have roughly doubled YTD and closed
at $1.67 a year ago
    ** Canaccord Genuity and Roth Capital jt bookrunners for
offering

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))