York Water falls on $40 mln stock deal

York Water Co

01/04/2022 15:17

** York Water Co  YORW.O  gaps down on Fri after follow-on
prices
    ** YORW opens at $42.50, a 5-week low; stock last off 3.8%
at $43.25 on ~158k shares of trading volume, double the 10-DMA,
per Refinitiv
    ** York, PA-based water utility sells 975,600 shares at $41,
8.8% discount to stock's close on Thurs, for $40 mln raise
 urn:newsml:reuters.com:*:nGNX4Vd5ft
    ** Co to use net offering proceeds for capital investment
program, debt repayment and potential acquisitions
    ** Offering size represents ~7.5% of co's public float, per
Refinitiv data
    ** Janney Montgomery sole bookrunner
    ** With decline on the session, shares down 13% YTD

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))