Pennant Group falls on stock offering launch

Pennant group

30/09/2024 21:25

** Shares of healthcare services co Pennant Group Inc
 PNTG.O  down 7.6% post-market to $33 on equity raise plans
    ** Idaho-based firm commences 3.5 mln share offering
    ** Co plans to use net proceeds to repay debt under its
revolver and for general purposes
    ** Citi and Truist lead bookrunners for offering, along with
Wells Fargo and RBC
    ** PNTG on Mon closed up 3.8% at $35.70
    ** Co has ~30.2 mln shares outstanding for ~$1.1 bln market
cap
    ** Stock has risen ~156% YTD and has more than tripled over
the past 12 months  

 (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))