By Josh Beckerman
Shares of Lakeland Industries fell as the maker of protective clothing announced a proposed stock offering.
The stock was 14% lower, to $22, in after-hours trading Wednesday.
The company plans to use proceeds for repayment of certain debt, and for operations and growth, including working capital and other general corporate purposes.
In July, Lakeland filed a shelf registration statement, which it said would provide flexibility to efficiently access the capital markets when needed.
For the quarter ended Oct. 31, net sales rose 45%, to $45.8 million, reflecting a strong increase in sales of fire-services products.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
January 22, 2025 18:41 ET (23:41 GMT)
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