Shares of Core & Main, Inc. (CNM), a distributor of water, sewer and fire protection products, are down more than 6% Friday morning after the company upsized and priced the previously announced secondary offering of shares at $23.75 per share, 5% discount from Thursday’s closing price of $25.01.
Certain stock holders are now selling 11 million shares, up from 10 million shares previously announced.
The offering is expected to close on September 19, 2022.
CNM, currently at $23.40, has traded in the range of $20.00-$32.54 in the last 1 year.
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