Fifth Street Finance said it priced an offering of 8 million shares of common stock at $11.50 per share, below Tuesday's closing price of $12.10. Underwriters were given an option to purchase up to an additional 1.2 million shares to cover overallotments, if any. Fifth Street Finance said net proceeds will be used to make investments in small and mid-sized companies.
Shares of Fifth Street Finance were down 5.5% to $11.44. Volume topped 1.19 million shares in the first few minutes of trading, compared to the average daily share volume of 531,000.
Elsewhere, Boston Private Financial Holdings (BPFH) said it has priced a public offering of 4.1 million shares of common stock at $6.10 per share, good for gross proceeds of $25 million. Underwriters were granted the option to purchase up to an additional 615,000 shares. Net proceeds will be used to strengthen the quality of its capital base and to support the redemption of its remaining TARP securities.Shares of Boston Private Financial Holdings jumped on the news, rising 9% to $6.68. Rubicon Technology (RBCN) priced an offering of approximately 2.6 million shares of common stock at $30 per share. Rubicon is offering 1.8 million shares, while selling shareholders are offering the remaining 834,000 shares. Rubicon said net proceeds of approximately $50.2 million will be used to expand its crystal growth and post crystal growth manufacturing facilities. The company will not receive proceeds from the sale of shares by selling shareholders. Rubicon shares were down 2% to $30.86. Universal Travel (UTA) shares dropped 8.6% after the company priced a $20 million offering of common stock at $7 per share. The company said proceeds from the offering will be used to fund the cash portion of the four recently announced acquisitions and for working capital. Shares of Universal Travel fell 67 cents to $7.11. MHI Hospitality (MDH) filed for a $125 million common stock offering, news that sent the company's stock down 5% to $2.49.
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