BigBear.ai (NYSE:BBAI) stock is taking a beating on Thursday after the artificial intelligence (AI) company announced a public stock offering.
BigBear says investors in the company are intending to sell 113,250,000 shares of BBAI stock. That means that BigBear isn’t selling the shares and also won’t receive any of the proceeds from the sales.
However, BigBear notes that it will be responsible for covering the costs, expenses, and fees related to the stock offering. The selling shareholders will handle all commissions and discounts connected to the BBAI stock offering.
BBAI Has Plans For Another Stock Offering
To go along with the offering announced by investors, BigBear also revealed its own proposed public stock offering. However, the company doesn’t include much in the way of details about this one. That includes no indication of how many shares will be offered or what they will be priced at.
Instead, BigBear talks about its plans for potential funds raised from the offering. The company says it will use this money for general corporate purposes. That includes a variety of things, such as working capital.
Despite the stock offering news, shares of BBAI stock aren’t seeing heavy trading today. Only about 2 million shares have changed hands as of this writing. The company’s daily average trading volume is 10.5 million shares.
BBAI stock is down 5% as of Thursday morning.
Investors looking for more of the latest stock market news are in luck!
We’ve got all of the most recent stock coverage traders need to know about on Thursday! Our coverage includes why shares of Sarepta Therapeutics (NASDAQ:SRPT), airline stocks, and Warner Bros Discovery (NASDAQ:WBD) stock are moving today. All of that is ready to go below!
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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.
