Cadre shares pierced on equity offering

Cadre Holdings

08/06/2022 16:36

** Cadre Holdings  CDRE.N  shares down 14.6% at $23.86 after
body armor maker launches first-time follow-on
    ** CDRE on track for biggest one-day pct decline since Nov
IPO
    ** Co late Tues commenced 3.5 mln share offering, half of
which being sold by existing investors including PE firm Palm
Beach Capital  urn:newsml:reuters.com:*:nBwbPBJCka
    ** Co to use net proceeds from shares it's selling to pay
down debt and for general corp purposes
    ** BofA and Jefferies leading the offering, slated to price
Thurs after market close
    ** Even with decline on the session, CDRE >80% above $13 IPO
price when co sold 6 mln shares https://www.sec.gov/Archives/edgar/data/1860543/000110465921135037/tm2115376-33_424b4.htm
 for $78 mln raise

 (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))