Banner announced the $150 million public offering late Thursday, saying it will offer 75 million shares of common stock at $2 per share. Underwriters were granted a 30-day option to purchase up to an additional 15% of the shares sold to cover overallotments, if any. Banner said it expects net proceeds of approximately $141.75 million, with a majority to be used to strengthen Banner Bank's regulatory capital ratios and to support managed growth. Shares of Banner, which close Thursday at $2.05, were up 1% in Friday's premarket session to $2.07. On the other hand, FuelCell Energy ( FCEL) shares dropped after the ultra-clean power plants manufacturer priced an offering of 24 million shares of common stock at $1.25 per share, a 16.7% discount to Thursday's closing price. Underwriters were granted a 30-day option to purchase up to an additional 15% of the shares sold to cover overallotments, if any. FuelCell said net proceeds of approximately $28 million will be used for product development, project financing, expansion of manufacturing capacity, and general corporate purposes. Shares of FuelCell dropped by 15.3% to $1.27 in Friday's premarket session. Elsewhere, Cypress Sharpridge Investments ( CYS) said it has priced an offering of 9.5 million shares of common stock at $12.50 per share, slightly below Thursday's closing price of $12.53. Underwriters were given an option for 30 days to purchase up to an additional 1.42 million shares. Cypress Sharpridge said net proceeds of the offering will be invested in Agency residential mortgage-backed securities and used for general corporate purposes. Shares of Cypress Sharpridge were off 0.7% to $12.44 in Friday's premarket session. FXCB) priced a conversion offering of 8.7 million shares at $10 per share as part of its conversion and reorganization plan. As part of the conversion, each existing share of Fox Chase Bancorp will be converted into the right to receive 1.0692 of a share of new Fox Chase Bancorp common stock, the company said.
On June 29, shares of the new Fox Chase Bancorp common stock will trade on the Nasdaq Global Market under the trading symbol FXCBD for a period of 20 trading days. The trading symbol will revert to FXCB after that, the company said. Shares of Fox Chase Bancorp were up 1.1% to $10.75. Dynex Capital ( DX) said in a regulatory filing late Thursday that it has entered into an equity distribution agreement with JMP Securities where the company may offer and sell up to 5 million shares of common stock. Shares were trading flat Friday at $9.41. Synutra International ( SYUT) also announced that it is offering shares of its common stock in an underwritten public offering. The offering is being made pursuant to the Chinese infant formula producer's registration statement, which was declared effective on May 12. Shares were down 2.3% to $20.85 on the announcement. In IPO news, Fabrinet ( FN) said it has priced its initial public offering of 8.5 million shares at $10 per share, below the expected range of $12 to $14. -- Written by Robert Holmes in Boston. Follow Robert Holmes on Twitter and become a fan of TheStreet.com on Facebook.
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