Aspen Group falls after pricing stock offering

Aspen

17/01/2020 13:44

(Updates with pricing details)
    ** Aspen Group Inc  ASPU.O  shares down 7.7% to $7.35 after
education tech co prices follow-on - stock on track for biggest
1-day % fall since Aug 5
    ** Co sells 2.1 mln shares at $7.15, ~10% discount to
stock's Thurs close  urn:newsml:reuters.com:*:nGNX13KkLP
    ** Aspen says to use expected net proceeds of approx $13.9
mln to pay for expansion of its BSN pre-licensure program and
for general corp purposes
    ** Canaccord Genuity sole bookrunner for offering
    ** Aspen has ~19.2 mln shares outstanding and ~16.9 mln
shares of free float, per Refinitiv data
    ** Co in mid-Dec scrapped a planned equity offering when its
stock was trading around $7.50  urn:newsml:reuters.com:*:nFWN28N0K0
    ** ASPU closed Thurs session down 4.1% at $7.96. Stock has
gained 67% over past one year
    ** All 5 analysts covering ASPU recommend buying the stock;
median PT is $11 (Refinitiv data)

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