Icahn Enterprises tumbles to nearly 21-yr low on planned equity raise

Icahn Enterprises LP

26/08/2024 18:11

(Updates stock activity)
    ** Icahn Enterprises LP  IEP.O  shares fall >14% on Mon as
co seeks equity raise
    ** IEP shares drop as much as 14.3% to $13.62 on the
session, lowest since Nov 2003. Stock last down 11.6% at $14.05
    ** Firm owned by billionaire investor Carl Icahn early Mon
filed to sell up to $400 mln depositary units in "at-the-market"
offering program to be handled by Jefferies  JEF.N 
    ** IEP to use any net proceeds from offering to fund
potential acquisitions and other corp purposes
    ** Co has ~457.46 mln units outstanding, giving it current
market cap of roughly $6.4 bln
    ** Last week, Icahn and IEP settled SEC charges with U.S.
regulators that for years he failed to disclose pledging
majority of firm's securities for billions in personal margin
loans, together agreeing to pay $2 mln in penalties
    ** With move on Mon, IEP shares down 19% YTD. They ended
2022 at $50.65

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