Isle of Capri said it has decided to delay its offering of 9 million shares of common stock due to recent market conditions. Following the announcement, the stock rose 7.1% to $9.92, retracing some of the 24% loss incurred over the previous five sessions.
Isle of Capri's stock tumbled late last month after initially announcing the offering. Net proceeds from the offering were to be used to temporarily repay borrowings outstanding under the revolving line of credit, of which $80 million was incurred to fund the purchase of the Rainbow Casino in Vicksburg, Miss.
Elsewhere, Sunesis Pharmaceuticals (SNSS) shares plunged 18% to 38.6 cents after the company said sold $28.5 million of common stock at a price of 27.5 cents per share as part of the final tranche of a 2009 private placement. As part of the closing, all Series A preferred stock issued in the April and October 2009 closings of the private placement have been converted into common stock.The securities purchase agreement provided for the private placement of $43.5 million of shares, all of which have now been sold, Sunesis said in a statement. Hudson Technologies (HDSN), meanwhile, announced a $5.5 million registered direct offering. The refrigerants company said it will sell approximately 2.73 million shares of common stock and warrants to purchase about 1.36 million shares of common stock. Each unit, consisting of one common share and a warrant to purchase half of a common share, will be sold for a purchase price of $2. Shares of Hudson Technologies fell 6.9% to $1.90. Intervest Bancshares (IBCA) shares plummeted 16.4% to $4.60 after the bank holding company filed for a $46 million offering of Class A common stock. Net proceeds will be used to add capital to Intervest National Bank, as liquidity for its operating expenses, and to pay distributions and dividends accrued and owing on the company's Series A preferred stock issued to the Treasury Department and its outstanding trust preferred securities. In IPO news, AutoNavi Holdings (AMAP) priced its initial public offering of 8.62 million American depositary shares at $12.50 per ADS. The stock debuted on the Nasdaq under the symbol "AMAP" and was lately up 11.2% to $13.90. Meanwhile, ECA Marcellus Trust (ECT) priced its 8.8 million unit IPO at $20, which was the midpoint of the $19-to-$21 expected range. The stock trades on the New York Stock Exchange under the symbol "ECT." Separately, several companies filed with the Securities and Exchange Commission for mixed securities shelf offerings, including Lee Enterprises (LEE), CyberDefender (CYDE) and Aeterna Zentaris (AEZS). All three stocks were trading lower Thursday. -- Written by Robert Holmes in Boston. Follow Robert Holmes on Twitter and become a fan of TheStreet.com on Facebook.
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