Dye & Durham Announces Bought Deal Offering to Reduce Debts
![Dye & Durham Announces Bought Deal Offering to Reduce Debts](https://www.cryptotradingbots.net/img/5aa28e5d-3142-40e7-9b2d-ba385eaa5953/news-article-15.jpeg?fm=jpg&q=80&fit=max&crop=1440%2C1080%2C240%2C0)
Shares of Dye & Durham were trading lower on Thursday morning as the Canadian company revealed plans to raise $126 million through a bought deal offering of its shares. The funds will be used to pay down debts and improve the company's financial position.
As of 9:50 a.m. ET, Dye & Durham shares were down 3.2% to C$12.70. This decline reflects the market's reaction to the company's announcement.
Dye & Durham, a leading provider of practice management solutions in Canada, announced on Wednesday that it has entered into an agreement with a syndicate of underwriters. The agreement involves the issuance of 10.4 million shares at a price of C$12.10 per share. Additionally, the underwriters have been granted the option to purchase an extra 15% of the total common shares offered.
Over the past year, Dye & Durham shares have faced significant pressure, with a decline of nearly 36%. So far in 2023, they have experienced an 11% decrease.
Dye & Durham has stated that this offering is part of its broader strategy to reduce its business debts and strengthen its financial position.
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