Ares Capital (ARCC) Stock Plunges 4% In A Day: What You Should Know About The Public Offering?

Starting from July 23 till July 28 the slow growth of the stock is illustrated on the chart for the last 5 days. However, on July 29, the stock sharply fell from $20.45 to $19.77. After this fall, the stock is still fluctuating at this level. The day’s range of the company with the 8.85 billion market cap is $19.62 – $20.02.
On July 28, Ares Capital Corporation made an announcement that it is going to accommodate 12,500,000 new shares of the common stock. Additionally, the company is giving the opportunity for the underwrites to obtain an extra 1,875,000 shares. Accommodation of the shares will be made according to the company’s Capital’s shelf registration statement.

This registration statement was submitted to the Securities and Exchange Commission on June 3, 2021, which work right after the submission of the statement. The company is planning to use the net income of this offering for paying for some debts. It can reborrow under the debt for some common goals of the company, which involve investment in the company’s portfolios.

Richard McEntire

Finance and Entertainment ReporterRichard is a bottle of wine - the older the sweeter. He has already found the sweetest hobby in writing entertainment and finance news for Own Snap. Readers get the updated posts regularly from him searching for real-time news.

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