Under the terms of the deal, the manufacturer will dictate the specific parameters of the share sales, including volume limits and pricing, as market conditions allow. The company stated that the capital generated from these offerings will be directed toward general corporate purposes. Despite the immediate market pullback, Corning’s stock maintains a strong performance record, having climbed 66% throughout the current calendar year.
Corning Stock Drops 12% Following $2 Billion Equity Sale Plan
Investors reacted sharply to Corning’s announcement of a new equity program, sending the company’s share price down 12% to $145.69 on Monday morning. The materials science firm revealed late Friday that it intends to raise as much as $2 billion by selling common stock through an at-the-market distribution agreement.
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