Profire Energy: Stock burned as top holders sell

Profire Energy

29/06/2018 13:56

** Profire Energy  PFIE.O  down >11 pct before the bell at
$3.36 as top 2 holders cut their stakes
    ** PFIE is 3rd biggest premarket loser, and among the most
actively traded stocks
    ** Oilfield tech co prices secondary offering of 7.5 mln
shares at $3.25, about a 15 pct discount to stock's Thurs close
 urn:newsml:reuters.com:*:nGNXwlN43
    ** Per Jun 8 SEC filing, No. 1 holder Brenton Hatch
(co-founder and CEO) selling 2 mln shares and next largest
holder Harold Albert (co-founder) selling 5 mln shares. http://bit.ly/2KuBLJE
    ** PFIE plunged >17 pct on Thurs in wake of co's preliminary
Q2 revenue estimate of $11-$11.2 mln  urn:newsml:reuters.com:*:nGNX4D3238
    ** Secondary offering represents nearly a third of co's free
float and 3 weeks of trading volume
    ** PFIE shares have doubled in 2018

 ((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 646-223-5017))