Faith-tech firm Gloo sinks on stock offering

Citizens Financial

09/07/2026 12:26

** Shares of Christian tech platform Gloo Holdings GLOO.O sink 15.8% premarket on Thurs to $3.35, lowest since its Nov IPO, after follow-on priced
** Boulder, Colorado-based GLOO late Weds sold 7 mln shares at $3.25 for $22.75 mln gross proceeds
** Offering price represents 18.3% discount to last close
** CEO Scott Beck, Pat Gelsinger and other members of GLOO's board to purchase at least $6 mln of offering shares
** Co intends to use net proceeds for acquisitions and investments, working capital, operating costs, capex
** Citizens Capital Markets lead bookrunner for offering, along with Roth Capital
** GLOO, which went public on Nov 19 after selling 9.1 mln shares at $8, has ~87.6 mln shares outstanding after this offering, per the prospectus
** Gelsinger, former Intel INTC.O CEO, joined GLOO's leadership team in Mar 2025 and as head of technology is helping co develop AI tools such as virtual assistants and chatbots
** All 5 brokers covering GLOO rate the stock "buy"; median PT $12, per LSEG data
     

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