Rollins Inc (NYSE:ROL) shares are trading lower after pricing a secondary public offering of 38.7 million shares by existing stockholder LOR Inc.
The offer price of $35.00 per share represents an 8% discount to the company’s closing price on September 6, 2023.
The underwriters will have a 30-day option to purchase up to an additional 5.78 million shares from the selling stockholder.
Rollins is not selling any shares and will not receive any proceeds from the offering.
Also Read: Rollins Set To Leverage Technology Initiatives For Margin Expansion In FY23: Analyst
The offering is expected to close on September 11, 2023, subject to satisfaction of customary conditions.
In addition, the company has agreed to repurchase 8.72 million shares of common stock being offered in the offering for approximately $300 million.
Price Action: ROL shares are trading lower by 6.33% at $35.67 on the last check Thursday.
