Grid Dynamics drops on pricing $100 mln stock offering

Grid Dynamics Holdings

08/09/2022 12:53

** Grid Dynamics Holdings Inc's  GDYN.O  shares down 8.6% at
$18.10 before the bell as IT consulting co raises equity
    ** GDYN announces ~5.7 mln shares priced at $17.50, 11.6%
discount to stock's last sale  urn:newsml:reuters.com:*:nACSpxkBfa
    ** Co in securities filing https://www.sec.gov/Archives/edgar/data/1743725/000121390022054506/f424b50922_griddynamic.htm#T99006
 said offering's principal purposes are to increase financial
flexibility, obtain additional capital and increase public float
    ** JP Morgan and William Blair jt bookrunners
    ** Co had 67.3 mln shares outstanding prior to offering and
~44 mln shares of free float, per Refinitiv data
    ** Shares have lost 48% YTD through Weds close but have
rallied from 2022 low of $9.09 hit in Mar
    ** GDYN on Aug 4 posted Q2 beat as rev rose 62% yr/yr to $77
mln  urn:newsml:reuters.com:*:nFWN2ZGA6Q  urn:newsml:reuters.com:*:nACSPXDHVa

 (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))