Corsair Gaming drops on $75 mln stock offering

Corsair Gaming

15/11/2022 11:56

** Corsair Gaming Inc  CRSR.O  down 8.4% at $16.70
premarket, threatening to snap 3-day winning streak, after
overnight follow-on prices
    ** Video game peripherals maker sells ~4.5 mln shares at
$16.50, 9.5% discount to last sale with Goldman Sachs as sole
bookrunner  urn:newsml:reuters.com:*:nBw33yrMLa
    ** Co plans to use net offering proceeds for general corp
purposes
    ** Private equity sponsor EagleTree (~56% holder) to buy
~2.1 mln shares, or ~$35 mln worth of shares in offering
    ** CRSR has ~96 mln shares outstanding for ~$1.8 bln market
cap
    ** Earlier this month, co posted qtrly rev of $312 mln, down
20% yr/yr, and adj EPS of 8 cents, topping consensus
 urn:newsml:reuters.com:*:nL1N32026R
    ** Shares have rallied 32% in Nov through Mon close. YTD,
stock down 13% vs NYSE Arca Computer Hardware index's  .HWI 
~19.5% decline
 (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))