Penford falls on sale of 2M shares
Penford Corp. (Nasdaq: PENX) shares are falling after the maker of ingredient systems for industrial and food applications announced on Tuesday it is selling two million shares of common stock. The Centennial, Colo.-based firm’s said it expects proceeds from the stock sale of $57.3 million.
The company said it will use the proceeds to pay down debt. Jefferies & Company, Inc. is acting as the sole book-running manager of the offering, with BMO Capital Markets acting as a co-manager.
In afternoon trading, PENX shares are down 12.44%, or $3.50, at $24.64. Over the last 52 weeks, shares have ranged from $16.23 to $41.30.
