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Investing.com -- BrightSpring Health Services Inc (NASDAQ:BTSG) stock dropped 4.7% in after-hours trading Monday following the announcement that certain stockholders plan to sell 15 million shares in a secondary offering.
The selling stockholders include an affiliate of Kohlberg Kravis Roberts & Co. L.P. (KKR) and members of BrightSpring’s management team. The company itself is not selling any shares in the offering and will not receive any proceeds from the sale.
BrightSpring, a provider of home and community-based health services for complex populations, has authorized a share repurchase concurrent with the offering. The company plans to buy back shares with an aggregate purchase price of up to the lesser of 10% of shares sold or $50 million, at the same price the underwriter pays the selling stockholders.
BofA Securities is serving as the sole book-running manager for the proposed offering. The underwriter will not receive underwriting fees for shares repurchased by the company.
The share repurchase is expected to close simultaneously with the offering, though the repurchase is contingent on the offering’s completion while the offering is not dependent on the repurchase.
The underwriter plans to offer the shares, except those subject to the repurchase, through various market channels including the Nasdaq Global Market and over-the-counter market at prevailing or negotiated prices.
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