NEW YORK ( TheStreet) -- Shares of Hovnanian Enterprises ( HOV) fell in late trades on Tuesday after the home builder unveiled plans for a dilutive stock offering. After the closing bell, the Red Bank, N.J.-based company said it plans to issue 25 million Class A common shares in an underwritten public offering. Hovnanian has earmarked the proceeds for general corporate purposes and the purchase of certain senior notes in a private transaction. The deal, which has Citigroup, Credit Suisse and J.P. Morgan serving as joint bookrunning managers, includes a 15% overallotment option. Hovnanian currently has 99.1 million outstanding shares. The stock was last quoted at $2.28, down 3%, on volume of nearly 230,000, according to Nasdaq.com. Based on Tuesday's regular-session close at $2.35, the shares have lost nearly 30% in the past year but they have more than doubled since scraping a 52-week low of 89 cents on Oct. 6. Check out TheStreet's quote page for Hovnanian for year-to-date share performance, analyst ratings, earnings estimates and much more.
The news was also weighing on Micron Technology ( MU) in late trades, sending its shares down 1% to $7.90 on volume of less than 200,000. SanDisk plans to report its fiscal first-quarter results on April 19. Check out TheStreet's quote page for SanDisk for year-to-date share performance, analyst ratings, earnings estimates and much more. -- Written by Michael Baron in New York. >To contact the writer of this article, click here: Michael Baron.