Cardinal Infrastructure slides on share sale plans

Stifel Financial

23/06/2026 13:38

** Construction services co Cardinal Infrastructure's CDNL.O shares down 8% to $72.76 premarket on Tues as it seeks equity
** Raleigh, North Carolina-based CDNL late Mon unveiled proposed offering of 3.75 mln shares
** It intends to use net offering proceeds to repay approx $33 mln of borrowings under credit facility, and for general purposes, including funding acquisitions, working capital, capex and paying down/refinancing other debt, per the prospectus
** Stifel, William Blair and Truist Secs joint bookrunners
** CDNL, which has ~42.9 mln shares outstanding, went public in Dec after selling 11.5 mln shares at $21
** Stock on Mon ended down 2.8% at $79.10 after hitting record intraday high of $82.33. Stock has nearly doubled QTD
** The 3 analysts covering the stock rate it "strong buy"; median PT $71.50, according to LSEG data

(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))