Shares of ADT (NYSE: ADT) fell 13.3% on Wednesday after the security products company announced a secondary offering late on Tuesday.
Several investment funds overseen by Apollo Global Management offered to sell 43.5 million shares of ADT common stock. The stock will be sold for $10 per share, which was lower than some investors expected, and ADT's share price fell in kind. After closing at $10.80 on Tuesday, ADT's shares fell to a closing price of $9.36 on Wednesday.
ADT's stock fell sharply after pricing its secondary offering. Image source: Getty Images.
Source Fool.com