Clearfield slips after upsized $120 mln equity offering

Clearfield

07/12/2022 12:12

** Clearfield Inc's  CLFD.O  shares down ~6% at $104 before
the bell as co raises equity
    ** Fiber optic cable provider sells 1.2 mln shares at $100
for working capital, general purposes  urn:newsml:reuters.com:*:nGNX1p1JB4
    ** Offering size boosted from $100 mln, prices at 9.4%
discount to stock's last close
    ** Cowen and Needham jt bookrunners
    ** CLFD has 13.8 mln shares outstanding for ~$1.5 bln market
cap, per Refinitiv, and ~11.55 mln shares of public float
    ** On Nov 17, co reported fiscal Q4 rev growth of 110% yr/yr
to $95 mln, and projected 2023 rev of $380-$393 mln,
representing 40%-45% growth over 2022
    ** CLFD shares up ~31% YTD through Tues close, and have
gained ~65% over the past six months
 (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))