On Tuesday, GEE Group Inc (NYSE: JOB) announced that it completed an underwritten public offering to the tune of as huge as $50 million.
While that is a major development for professional staffing solutions providers, it is also necessary to point out that the JOB stock has declined by as low as 60% in a month. The company managed to raise gross proceeds of $50 million from the underwritten public offering in which it offered 83,333,333 shares of the JOB common stock.
By way of the agreement, the underwriters have also been granted the option of buying up an additional 12,499,999 share of the JOB common stock within 45 days. It now remains to be seen if the underwriters do take up that option or not. If they do then it is going to be a vote of confidence with regards to GEE Group’s prospects as a business. Investors could consider keeping an eye on the news in this regard.
Writing for business and finance publishers has become his passion over the last decades after he completed a master’s degree in Financial Management. Sharing some opinions and forecasts to thousands of readers is a routine job for him but he never promises to invest in one stock.