Nine More Secondary Offerings Coming to the Market (ANAD, CERS, OFC, DCTH, ETFC, SSNC, SNTA, SLCA, VIPS)
As the stock market keeps rising, investors have to expect that the wave of companies raising cash and insiders selling shares will only continue. We tracked a whopping 10 offerings yesterday alone worth a whopping $1.7 billion or so. Now we could have as many as nine stock offerings today, if they all price. We have included deals that are available on the size and how it relates to the company. We have also added color on certain offerings, if applicable. Remember, the DJIA has risen for nine straight days, a first in 16 years or so, and we have reason to worry about this rally getting long in the tooth.
Anadigics Inc. (NASDAQ: ANAD) filed to raise capital in a sale of common stock, but the size of the offering was not disclosed. Its market cap is only $158 million, it has seen declining sales, and it has had negative net income for two years in a row.
Cerus Corp. (NASDAQ: CERS) is worth about $233 million, and the company filed to raise capital via a stock sale. We do not yet have any details on it, but the proceeds are to help its clinical development.
Corporate Office Properties Trust (NYSE: OFC) has sold 3.9 million shares at a price of what appears to be $27.27, and that matches yesterday’s closing price. The company’s use of proceeds are to redeem its outstanding 7.625% Series J Cumulative Redeemable Preferred Shares (NYSE: OFC-PJ) and also for general corporate purposes.
Delcath Systems Inc. (NASDAQ: DCTH) is planning to sell up to $50 million in stock, which would be up to as much as one-third of its existing market value. Shares are down around $1.75, versus a $1.92 close.
E*Trade Financial Corp. (NASDAQ: ETFC) may not be a formal secondary offering, but the master puppeteer and rescuer Citadel is selling its entire 9.6% stake remaining in E*Trade. Shares were down 5% on the news, but actually this is about the best news that shareholders can get if E*Trade is thought of on a standalone basis.
SS&C Technologies Holdings Inc. (NASDAQ: SSNC) is close to a 52-week high, and its two largest shareholders are planning to sell 7.75 million shares, versus almost 79 million shares outstanding. Shares were down about 4% from the $27.74 closing price.
Synta Pharmaceuticals Corp. (NASDAQ: SNTA) has a market cap of $578 million, and it has a fresh shelf filing that would allow it to sell up to $300 million worth of stock and/or other mixed securities. This cancer and inflammatory drug developer is up about 175% from its 52-week low.
U.S. Silica Holdings Inc. (NYSE: SLCA) is selling 8.5 million shares of stock for a large shareholder at $22 per share, versus a $22.79 closing price. The presale market cap was $1.2 billion for this silica mining and processing outfit.
Vipshop Holdings Ltd. (NYSE: VIPS) has been on the books a few days for a share sale, and now we see that 7.2 million shares were sold at $24.00 per share, versus a $24.44 closing price. Some 4 million shares are for the company and 3.2 million shares are being sold by insiders.