1847 Goedeker (NYSEAMERICAN:GOED) stock is taking a beating on Friday as investors react to news of a proposed share offering.
Here’s everything investors need to know about GOED stock and the movement surrounding it today.
- To start off with, 1847 Goedeker announced an underwritten public offering of 91,111,111 units.
- Each of these units includes one share of GOED stock and a warrant to purchase another share.
- These units are selling for $2.25 and the warrant is exercisable for that same price.
- Those warrants can be exercised at any time and started trading today under the GOED WS stock ticker.
- 1847 Goedeker expects gross proceeds from the offering to be $205 million before deducting underwriting discounts, commissions, and other offering expenses.
- GOED plans to use part of the funds to fuel its transaction to acquire Appliances Connection.
- The remaining will be used for general corporate purposes.
- The proposed underwritten offering also includes an option for the underwriter to purchase an additional 2 million shares of GOED stock and/or 2 million warrants.
- ThinkEquity is serving as the sole bookrunner of the offering.
- GOED stock is seeing heavy trading today with the underwritten public offering news.
- That has some 55 million shares of the stock changing hands as of this writing.
- This is a major jump compared to its daily average trading volume of roughly 164,000 shares.
- 1847 Goedeker is an e-commerce company that sells appliances, furniture, and home goods.
- It was founded in 1951 as a brick-and-mortar retailer before switching to an online business model.
GOED stock was down 69.5% as of Friday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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