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Investing.com -- Centrus Energy Corp. (NYSE American:LEU) stock fell 10.9% in premarket trading Thursday after the company announced a significant at-the-market (ATM) equity offering program.
The nuclear fuel and services provider has entered into an ATM equity offering sales agreement that will allow it to sell up to $1 billion worth of its Class A common stock. The offering will be conducted through multiple sales agents including Barclays, Citi, UBS Investment Bank, and Evercore ISI as lead agents, with several additional firms serving as supporting sales agents.
Under the terms of the agreement, Centrus will control the timing and parameters of any stock sales, with shares to be sold at prevailing market prices. The company stated it plans to use any proceeds for "general working capital and corporate purposes," which may include technology development, debt repayment, capital expenditures, and potential acquisitions.
The ATM program gives Centrus significant flexibility to raise capital over time without committing to a specific timeline. The agreement will remain in effect until either all shares under the program are sold or the agreement is terminated by the parties involved.
Centrus is not obligated to sell any shares under the program, but the announcement of the potential dilution appears to be driving the stock lower in early trading. The sales will be conducted as "at the market offerings" through the NYSE American exchange or other trading markets for the company’s Class A common stock.
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