Why Opera Limited Stock Dropped Today
Shares of Opera Limited (NASDAQ: OPRA) were down 10.7% as of 1:35 p.m. ET Thursday after the internet browser developer announced a significant secondary offering.
More specifically, yesterday after the market closed, Opera issued a press release stating it has commenced an underwritten secondary offering of 6,876,506 American depositary shares (ADSs) from a pre-IPO shareholder -- a sum worth over $90 million at Opera's current stock price at around $13.15 per share. The offering is being held pursuant to a mixed-shelf registration previously filed back in July, which gave the company the ability to sell any combination of up to $300 million in warrants, ordinary shares, preferred shares, debt securities, and ADSs offered by certain selling shareholders over the next three years.
Opera will also give the underwriters -- represented by and Goldman Sachs as lead book-running managers -- a 30-day option to buy up to an additional 15% of the ADSs to be sold in the offering.
Source Fool.com
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