Wag! sinks to new depths on pricing stock offering

Wag! Co

17/07/2024 13:52

** Shares of Wag! Group  PET.O  sink 16.8% premarket to
$1.29 after online pet services firm's follow-on prices
    ** PET shares, which hit intraday record low of $1.39 last
Weds, have shed 11.5% YTD
    ** Developer of dog-walking app Wag! says sold ~7.4 mln
shares at $1.35 for $10 mln raise with Craig-Hallum as sole
underwriter
    ** Offering price represents ~13% discount to stock's last
close
    ** Co plans to use net offering proceeds to repay ~$8.5 mln
of debt, remainder for working capital, general corp purposes
    ** With ~40.6 mln shares outstanding, co has ~$63 mln market
cap and ~32.3 mln shares of public float, per LSEG   
    ** Wag! debuted in Aug 2022 after SPAC merger. Its stock
closed at $8.20 on the first day of trading
    ** All 6 analysts covering PET are bullish and their median
PT is $4.75 - LSEG

 (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))