Artesian Resources slides on stock offering
19/05/2023 14:17
** Artesian Resources Corp's ARTNA.O shares down 10.2% at
$49.50 premarket as water utility raises equity
** Co late Thurs announced proposed offering of approx
600,000 shares
** Market sources say 700,000 share offering priced at $50,
9.3% discount to stock's Thurs close
** It intends to use net offering proceeds for general
purposes, including its capital investment program and debt
repayment
** Artesian, which through its subsidiaries offers water,
wastewater, and other services in Delaware, Maryland, and
Pennsylvania, has ~8.6 mln shares outstanding for $524 mln
market cap
** Janney Montgomery sole bookrunner for the offering
** ARTNA down 6% YTD through Thurs close, but up ~18% over
the past 12 months
(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))