Posted 3/20/2024, 4:51:23 PM
Super Micro Shares Drop on Discounted Stock Offering Despite Recent S&P 500 Addition
- Super Micro's shares fell 5% on Wednesday after pricing its stock offering at a discount
- Selling 2 million shares at $875 per share for expected $1.75 billion in gross proceeds
- Shares have fallen for 5 straight sessions, erasing about 28% of market cap
- Company recently added to S&P 500 index, meaning ETFs that track the index must now own shares
- Raised $1.7 billion last month in a convertible bond offering to fund expansion plans
