Why Sabre Stock Snapped Today
Shares of travel industry software provider Sabre (NASDAQ: SABR) are looking kind of dull this morning, down 8.6% at 11:50 a.m. EDT on Friday after the company announced plans to raise up to $300 million in a new stock offering.
As the company explained in its sales prospectus filed with the Securities and Exchange Commission, this will be an at-the-market stock offering (i.e., the shares will be sold at whatever the market price is when offered).
Also, while Sabre says selling shares is part of its current plans, it may not proceed with the sale, or may not sell all of the $300 million worth of shares described in the prospectus. And the company noted that it has no obligation to update anyone if it changes its mind about selling the shares.
Source Fool.com
