Why Mach Natural Resources Stock Tanked Today
The shareholders of energy company Mach Natural Resources (NYSE: MNR) had a trading session to forget on Tuesday. On news of a bulk sale of the company's units by several institutional investors that was priced below market, the stock sank by almost 11%.
Mach, which is active in various aspects of the upstream oil and gas industry, announced the pricing of that secondary unit sale on Monday night. Those investors are unloading 9 million units in an underwritten public offering at $13.05 per unit.
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Source Fool.com
