ADT (ADT) said Monday that it launched a secondary public offering of 56 million shares of its common stock held by certain entities managed by affiliates of Apollo Global Management.
The selling stockholders will also give the underwriters a 30-day option to buy up to an additional 8.4 million shares of common stock.
The company said it is not selling any shares and will not receive any proceeds from the proposed offering.
Moreover, the company authorized the concurrent repurchase of 16 million shares of common stock from the underwriters under the secondary offering, as part of its existing $350 million share repurchase program.
ADT's shares fell more than 3% in recent Monday premarket activity.
Price: 7.60, Change: -0.28, Percent Change: -3.55
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