APi Group Corp (APG) shares plummeted 5.01% during intraday trading on Thursday, as the market reacted negatively to the company's filing for a mixed shelf offering.

The sharp decline came despite the company reporting strong first-quarter results, including adjusted earnings of $0.32 per share that beat analyst estimates, and revenue of $1.98 billion that represented a 15.3% year-over-year increase. APi Group also raised its full-year revenue guidance.

Investors focused instead on the company's shelf registration statement filed with the SEC, which allows APi Group to offer and sell common stock, preferred stock, and debt securities from time to time. Such offerings can dilute existing shareholders and typically create downward pressure on stock prices as the market anticipates potential share issuance.