Montrose Environmental slips from record high ahead of equity raise

Onterris

28/09/2021 19:23

** Montrose Environmental Group  MEG.N  shares down 6.0%,
retreating from prior session's record high close of $67.41, as
co gets set to price equity offering on Tues after the bell
    ** Environmental services firm late Mon announced 1.75 mln
share offering  urn:newsml:reuters.com:*:nBw89m3fVa
    ** Co plans to use net proceeds for general purposes,
including for acquisitions or business expansion, R&D
investments and debt repayment
    ** JP Morgan, BofA and William Blair jt bookrunners
    ** MEG has ~26.2 mln shares outstanding, per Refinitiv data
    ** Stock, falling amid broad market selloff on Tues, has
doubled this year. Co IPOd in July 2020 at $15

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 1-332-219-1430))