Hanger Orthopedic falls 12% on shareholder public offering
Hanger Orthopedic Group Inc. (NYSE:HGR) dropped almost 12% this morning after announcing that a shareholder had offered 2.5 million shares of its common stock to the public.
In a statement issued after the market closed Monday, Hanger said that shareholder Ares Corporate Opportunities Fund LP was issued the shares in August as part of a conversion of all of Hanger's Series A convertible preferred stock into common stock.
Upon completion of the public offering of the shares, the overall number of outstanding shares of Hanger Orthopedic will remain the same.
Bethesda, Md.-based Hanger Orthopedic, a provider of orthotic and prosthetic patient-care services, will not receive any proceeds from the offering.
By mid-morning Hanger Orthopedic is at $17.30, down $2.30 from Monday’s close. The stock has traded as low as $9 and as high as $21 during the past 52 weeks.
For detailed price information and news stories on Hanger Orthopedic, click HGR.
