Ranpak falls after launching 5 mln share offering

Ranpak Holdings

25/05/2021 22:09

** Ranpak Holdings  PACK.N  shares down ~6% in extending
trading after sustainable packaging products firm launches
equity offering
    ** PACK announces 5 mln share offering, consisting of 4.5
mln shares to be sold by co, the balance offered by certain
existing investors  urn:newsml:reuters.com:*:nBw7196zla
    ** Co to use net offering proceeds to repay debt and for
general corp purposes
    ** Goldman Sachs and Baird jt bookrunners
    ** PACK has ~75.86 mln shares outstanding and ~66.47 mln of
free float, per Refinitiv data
    ** Shares have risen for past 9 trading sessions, stretching
YTD gain to 84%. Stock closed on Tues up 0.7% at $24.68
    ** PACK went public in 2019 after agreeing to reverse merger
with a special-purpose acquisition co (SPAC)

 (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))