Why Array Technologies Stock Plummeted Today
Shares of Array Technologies (NASDAQ: ARRY) fell today after the company announced a secondary offering of 31 million shares of its stock.
The tech stock was down by 12.1% as of 11 a.m. EDT.
Array said in a press release yesterday that it will hold a secondary offering of 31 million shares of its common stock, with an option of selling an additional 4.4 million. The shares will be sold by Oaktree Capital, a current Array stockholder. Array Technologies said that it won't receive any proceeds from the sale of the shares.
Source Fool.com
