Atlas Energy Solutions Inc. (AESI) stock plunged 5.68% in the after-hours trading session on Thursday following the company's announcement of an underwritten public offering of 10 million shares of its common stock.
The energy solutions provider said it intends to use the net proceeds from the stock offering to repay debt, fund a portion of its previously announced acquisition of Moser Engine Service, Inc., and for general corporate purposes, including growth capital expenditures.
The stock offering announcement likely weighed on AESI's share price as it could potentially dilute the existing shareholders' stake in the company. Investors often view such secondary offerings as a negative event, putting downward pressure on the stock price in the short term.
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