Hercules Raising Capital (HTGC)

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Hercules Technology Growth Capital Inc. (NASDAQ: HTGC) is hammering shareholders after news that it plans to sell some 5 million shares in a secondary offering.  The company earmarked the sale proceeds to be used for general corporate purposes, which is said to include repayment of its debt.  The offering comes under an existing shelf registration.

Citigroup is listed as the sole book-runner for this secondary offering and it will be given a 750,000 share overallotment option.  Hercules offers customized loans to public and private companies in the technology, clean technology, and life science business segments.

Shares are indicated down 6.3% at $9.60 against a 52-week range of $7.79 to $11.55.