Cactus drops on pricing upsized stock offering

Cactus

11/01/2023 13:33

** Cactus Inc's  WHD.N  shares down 3.8% at $54.68 premarket
after oilfield equipment maker's overnight follow-on prices
    ** WHD sells ~2.8 mln shares for $150 mln gross raise
 urn:newsml:reuters.com:*:nBw7cTk2sa
    ** Offering prices at $53.50, 5.9% discount to stock's Tues
close, and increased from $125 mln
    ** Co to use net offering proceeds to fund $621 mln
acquisition of FlexSteel Technologies Holdings  FLXS.O  and its
affiliates
    ** JP Morgan, BofA, Piper Sandler, TPH&Co, Barclays and
Citigroup jt bookrunners
    ** WHD has ~75.9 mln shares outstanding for $4.3 bln market
cap
    ** Through Tues close, shares up ~13% YTD compared to
Philadelphia SE Oil Service index's  .OSX  ~5% gain
    ** WHD posted top and bottom-line beat in most recently
qtrly report
 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))