Sonos (NASDAQ:SONO) news for Thursday includes rumors that it’s planning a new share offering.
According to these rumors, the speaker company wants to put out 13.9 million shares in the offering. To put that in perspective, the company currently has 109 million shares on the market, which would make this a roughly 13% increase in total shares.
As far as price goes, the final number wasn’t revealed in the Sonos news. However, unnamed sources claim that the company wants the shares to come in at a range of $13.25 to $13.50. It’s easy to see why this would upset investors since the stock closed out at $14.01 per share on Wednesday, reports The Motley Fool.
These recent rumors claim that Goldman Sachs is behind the share offering plan. Unfortunately, there’s no way to confirm any of this information. Even so, the share offering rumors mean investors may see a filing with the U.S. Securities and Exchange Commission in the near future.
Sonos, like many other companies, has been on a rough ride this year. While the company started off the year at $15.80, it dropped alongside many others when the novel coronavirus started closing down U.S. businesses.
SONO stock plunged to a low of $6.97 per share in mid-March. Since then, the company has seen its stock steadily climb higher. While it seems like it was on target to reach pre-coronavirus levels, this recent Sonos news is taking the steam out of its sails.
SONO stock was down 11.2% as of Thursday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.