NEW YORK (TheStreet) -- Shares of GTT Communications (GTT) - Get Report were falling 6.3% to $12.75 Friday after the communications company announced pricing for its public offering of 3.5 million shares of common stock.

The company priced the 3.5 million shares of common stock in the public offering at $12.75 a share. The underwriters of the offering have a 30-day option to buy up to an additional 525,000 shares of common stock

GTT Communications said it expects net proceeds of about $41.6 million from the public offering. The company plans to use the proceeds for working capital and general corporate purposes which include future acquisitions and "other strategic purposes."

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STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.