Tiger Brokers

BUZZ-Priority Technology slides on pricing secondary offering

Reuters
Jan 16, 2025
BUZZ-Priority Technology slides on pricing secondary offering

** Shares of payments solutions firm Priority Technology Holdings PRTH.O down 5.7% premarket to $7.60 after secondary offering priced

** Alpharetta, Georgia-based co late Weds announced ~9.1 mln shares sold by certain holders at $7.75, a 3.8% discount to last sale

** PRTH shares on Weds slid nearly 16% to close at $8.06, lowest since Nov 22, after co commenced ~9.2 mln share offering

** Private equity firms Ares Management ARES.N and Stone Point Capital among selling holders, per the SEC prospectus filing

** PRTH has ~77.1 mln shares outstanding for ~$622 mln market cap, and ~14 mln shares of public float, per LSEG

** KBW and TD Cowen joint lead bookrunners for offering, joined by B. Riley

** Through Weds, PRTH shares off 31% to start 2025. Stock closed at $3.25 a year ago

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))

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