Cardinal Infrastructure Group Closes $336M Upsized Offering, Underwriters Fully Exercise Option
CDNL has more than doubled off its 52-week low of $21.98.
Summary
Cardinal Infrastructure Group has closed its upsized public offering, raising approximately $336 million in gross proceeds. This includes the full exercise of the underwriters' option for an additional 600,000 shares, bringing the total to 4.6 million shares sold at $73.00 each. This follows the pricing announcement on June 25th and the initial offering proposal on June 22nd. The $336 million capital infusion is material, representing nearly 9% of the company's market capitalization, and provides significant funding for a company that has recently reported strong growth and made acquisitions.
At the time of this announcement, CDNL was trading at $89.45 on NASDAQ in the Real Estate & Construction sector, with a market capitalization of approximately $3.8B. The 52-week trading range was $21.98 to $93.29. This news item was assessed with neutral market sentiment and an importance score of 8 out of 10. Source: PR Newswire.