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Investing.com -- Bowhead Specialty Holdings Inc. (NYSE:BOW) stock fell 3% on Thursday after the company announced a secondary public offering of 2 million shares of its common stock.
The offering, which will be underwritten by RBC Capital Markets, LLC, consists entirely of shares being sold by GPC Partners Investments (SPV III) LP. Bowhead Specialty itself is not selling any shares in the transaction and will not receive any proceeds from the sale.
According to the announcement, the underwriter will offer the shares through various channels, including negotiated transactions or open market sales, at prevailing market prices or negotiated rates.
Bowhead Specialty, which trades on the New York Stock Exchange under the ticker BOW, emphasized that the offering represents a divestiture by an existing shareholder rather than a capital-raising effort by the company itself.
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