Core & Main stock falls after upsized share offering priced at 5% discount

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Shares of Core & Main Inc. CNM, -6.92% sank 7.3% in premarket trading Friday, after the distributor of water, storm drainage and fire protection products said its upsized stock offering priced at $23.75 a share. The company said selling shareholders sold 11.0 million shares in the offering, up from the late Thursday’s announcement of a 10.0 million share offering. The pricing represented a 5.0% discount to Thursday’s stock closing price of $25.01. Core & Main didn’t receive any proceeds from the offering, while the selling shareholders raised $261.25 million. The share offering comes after the stock soared 20.4% over the past three months through Thursday, while the S&P 500 SPX, -0.72% gained 2.9%.

This article was originally published by Marketwatch.com. Read the original article here.

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