We recently published
December Disappointments: 10 Big Names Troubled Early. Symbotic Inc. (NASDAQ:SYM) is one of the worst performers of last week.
Symbotic capped off the first trading week of the month, losing 28.7 percent as investors sold off positions amid the potential dilution impact of its plans to issue 10 million new shares to the public.
In a statement during the week, Symbotic Inc. (NASDAQ:SYM) announced plans to sell 6.5 million Class A shares, while its existing investor, SoftBank Group Corp., would dispose of 3.5 million of its shares in the company.
Symbotic Inc. (NASDAQ:SYM) has yet to identify the official price, although the offer could generate at least $500 million.
Symbotic Inc. (NASDAQ:SYM) said that it would only gain from the 6.5 million shares, with net proceeds expected to be used for general corporate purposes. SoftBank Group, on the other hand, will take all earnings from the 3.5 million shares.
In line with the offer, Symbotic Inc. (NASDAQ:SYM) would grant its underwriters a 30-day option to purchase up to an additional 1.5 million shares at the public offering price.
In other developments, the company on Tuesday earned a “sell” recommendation from Goldman Sachs, alongside a new price target of $47.
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