Orbital Energy drops on direct share offering

Orbital Infrastructure

21/07/2021 19:03

** Orbital Energy Group  OEG.O  shares down 18.6% at $3.80
after co announces stock offering
    ** Energy services firm early Weds says sold 10.4 mln shares
directly to institutional investors at $3.65  urn:newsml:reuters.com:*:nPn4VyWhHa
    ** Purchase price represents ~22% discount to stock's Tues
close
    ** Alliance Global Partners sole placement agent for
offering
    ** Shares on Tues rose 14% after co said subsidiary was
awarded three-state project by Charter Communications  CHTR.O 
to construct 8.600 miles of rural broadband  urn:newsml:reuters.com:*:nPn37N5nca
    ** ~6 mln OEG shares have traded as of 1400 EDT, ~2.5x
stock's 10-DMA, per Refinitiv data
    ** With move on Weds, OEG shares up 73% YTD

 (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))