Stock market today: Stocks fall as investors rotate out of tech into Jackson Hole
Investing.com -- Solventum Corp (NYSE:SOLV) stock dropped 2% following an announcement that its former parent company 3M Company is selling 8.8 million shares in a secondary offering.
The healthcare technology company confirmed that 3M will be offloading the substantial block of Solventum common stock, with Goldman Sachs & Co. LLC and BofA Securities, Inc. serving as underwriters for the transaction. Solventum emphasized that it will not receive any proceeds from the offering as all shares are being sold by 3M.
The secondary offering represents a significant move by 3M to further reduce its stake in Solventum following the company’s spinoff. Investors appear concerned about the potential market impact of the large block of shares becoming available, leading to today’s stock price decline.
Solventum, which trades on the New York Stock Exchange under the ticker SOLV, will not issue any new shares as part of this transaction. The offering consists entirely of existing shares currently held by 3M Company.
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