Five Below Secondary Stock Offering Postponed
Investors hoping to take advantage of the planned Five Below secondary share issue will have to wait for another day. The company announced that, "in light of current capital market conditions," the offering has been postponed; it did not specify whether it has been rescheduled.
A group of selling shareholders, including members and associates of the firm's management team and board of directors, were to offer just over 8.56 million shares in the underwritten issue. Additionally, it was expected that the company's underwriters were to be granted a 30-day purchase option for up to an additional 1.28 million shares.
In the press release originally heralding the sale, Five Below stressed it is not to receive any monies from the offering, as it is not the selling party.
The joint book-running managers of the offering are Goldman Sachs, Barclays' Capital unit, Leucadia's Jefferies, and the Securities arms of Credit Suisse and Deutsche Bank.
Currently, Five Below has just over 54 million shares outstanding, and its stock most recently closed at $37.41 per share.
The article Five Below Secondary Stock Offering Postponed originally appeared on Fool.com.
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