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Why Newcastle Investment (NCT) Stock Is Down Today

NEW YORK (TheStreet) -- Newcastle Investment (NCT) fell Wednesday after the company priced a public offering of common stock.

Newcastle price the offering of 40 million shares for gross proceeds of approximately $176 million. The offering includes a 30-day offering for underwriters to purchase up to 5.925 million shares; the company's announced 3-for-1 reverse stock split could affect this figure.

The company expects the offering to close on Aug. 18 and plans to use the net proceeds mostly to acquire senior housing properties.

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The stock was down 2.23% to $4.38 at 9:49 a.m. on Wednesday. More than 15.5 million shares to change hands, compared to the average volume of 3,584,840.

NCT Chart NCT data by YCharts

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Editor's Note: Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of TheStreet, Inc. or any of its contributors including Jim Cramer or Stephanie Link.

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