Novavax, Inc. (NASDAQ: NVAX) filed on Tuesday to sell up to $150,000,000 in any combination of Common or Preferred Stock, Warrants, and/or Units for clinical development, R&D, expansion, and general corporate purposes. No underwriters were named.
Oriental Financial Group Inc. (NYSE: OFG) filed originally to sell up to $50 million worth of common stock. However, on Tuesday morning the company announced that a
nnounced today that it priced an underwritten public secondary offering of 7,600,000 shares of common stock at $11.40 per share to raise about $86.6 million. This was sold by KBW and by the Bank itself.
Satcon Technology Corporation (NASDAQ: SATC) filed on Monday to sell up to $50 million in Common or Preferred Stock, as well as Warrants, Purchase Contracts, Depositary Shares, Debt Securities, and/or Units. This compares to a $163 million market cap for the provider of utility grade power conversion solutions and services for commercial and utility scale renewable energy installations and distributed energy markets. At $2.33, the 52-week range is $1.22 to $2.93.
TTM Technologies, Inc. (NASDAQ: TTMI) registered 10,101,000 for roughly $93 million for selling holders. None of the proceeds go to the company from the selling holders. Underwriter names not seen. Its market cap is $396 million and its $9.19 share price compares to a 52-week trading range of $4.60 to $12.52.
Secondary offerings are not an absolute sign that the market has peaked. But when you see waves and waves of selling like this, it can’ go unnoticed that perhaps the share sales are uncoordinated thoughts by management in many sectors that they better raise capital while the window is open.
In the ‘new normal’ it seems that expectations still involve guesswork and uncertainty. Even for those with clarity, the reminders of hard times are still fresh in mind.
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JON C. OGG
