Construction firm Orion tumbles on pricing stock offering

Orion group

11/09/2024 12:47

** Shares of Orion Group Holdings  ORN.N  down 17.2%
premarket to $5.26, over 7-month low, as co raises equity
    ** Houston-based specialty construction co says priced 4.86
mln shares at $5.15 for $25 mln gross proceeds
    ** Offering price represents 18.9% discount to stock's last
close
    ** Co intends to use net proceeds for working capital,
general purposes, including repayment of debt under credit
agreement
    ** It has ~33.37 mln shares outstanding for ~$212 mln market
cap, and ~30.65 mln shares of public float, per LSEG data
    ** Through Tues close, shares up 28.5% YTD. Stock well off
its 1-yr high of $12.12 hit in late Jul
    ** Craig-Hallum sole underwriter for stock offering

 (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))