APi Group stock drops 3% on $412M equity offering

• APi Group (NYSE:APG) priced an underwritten public offering of 11M shares at a public offering price of $37.50 per share.

• Underwriters have a 30-day option to purchase an additional 1.65M shares.

• The gross proceeds from the offering are expected to be ~$412.5M.

• The offering is expected to close on April 19, 2024.

• The company intends to use the net proceeds from the offering for general corporate purposes, which may include capital expenditures, working capital and acquisitions.

• The stock price is down 3.1% on Tuesday during after hours of trading.

More on APi Group

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• APi Group announces launch of underwritten common stock offering
• APi Group acquires Elevated Facility Services, reports Q1 preliminary results