Wag! tumbles on stock offering

Wag! Co

16/07/2024 21:50

** Shares of Wag! Group  PET.O  tumble nearly 14% to record
low $1.34 post-market as pet services marketplace looks to raise
equity
    ** Developer of dog-walking app Wag! commences stock
offering; deal size not disclosed
    ** It plans to use net offering proceeds to repay debt, any
remainder for working capital, general corp purposes
    ** Craig-Hallum sole underwriter
    ** PET shares on Tues closed up 1.3% at $1.55, down 11.5%
YTD
    ** Co has ~40.6 mln shares outstanding for ~$63 mln market
cap and ~32.3 mln shares of public float, per LSEG
    ** Wag! went public in Aug 2022 after SPAC merger and its
stock closed at $8.20 on its first day of trading
    ** All 6 analysts covering PET are bullish and their median
PT is $4.75

 (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))