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Altisource Portfolio Solutions S.A. (NASDAQ:ASPS) has priced its underwritten public offering of 4.8 million shares at a price to the public of $3.60 per share.
The offer price represents a 10% discount to the company’s closing price as of September 7.
The gross proceeds of the offering to Altisource are expected to be approximately $17.5 million, before deducting the underwriting discounts and commissions and other estimated offering expenses.
Altisource intends to use the net proceeds from the offering for general corporate purposes, including repayment of $10 million of indebtedness under its credit agreement.
In addition, the company granted the underwriters a thirty-day option to purchase up to an additional 729,166 shares at the public offering price.
B. Riley Securities is acting as the sole book-running manager for the offering.
The offering is expected to close on or about September 12, 2023.
Price Action: ASPS shares are trading lower by 7.5% at $3.71 in premarket on the last check Friday.
Posted In: ASPS
