Kohlberg Capital gains 10% on news of public stock offering
Kohlberg Capital Corp. (Nasdaq:KCAP) climbed nearly 10% this morning on the news that it plans to offer 4.5 million shares of its common stock to the public.
Just after the bell this morning, the New York-based investment firm said it will use the net proceeds of the offering for general corporate purposes including investing in portfolio companies that fall in line with its investment objective and strategies.
In connection with the offering, the company plans to grant the underwriters an option to purchase up to an additional 675,000 shares to cover over-allotments, if any.
By late morning, Kohlberg is at $10.10, up $0.87 from Tuesday’s close. The stock has ranged between $7.71 and $15.60 during the past 52 weeks.
For detailed price information and news stories on Kohlberg Capital, click KCAP.
