Why GTT Communications (GTT) Stock Is Up Today

NEW YORK (TheStreet) -- GTT Communications (GTT) was gaining 20.5% to $9.48 after pricing a public offering of 3 million shares of common stock.

GTT price the public offering of 3 million shares of common stock at $7.75 a share. The company also granted the underwriters of the offering an option to buy up to an additional 450,000 shares of common stock to cover over-allotments.

GTT expects to see net proceeds of $21.5 million from the offering after deducting underwriter discounts and other expenses. The company will use the proceeds for general corporate purposes.

Must read: Warren Buffett's 25 Favorite Stocks

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

GTT Chart

GTT data by YCharts

"GTT Communications, Inc., formerly Global Telecom & Technology, Inc., is a global network integrator providing a portfolio of Wide-Area Network (WAN), dedicated Internet access and managed data services. The Company combines multiple networks and technologies, such as traditional OC-x, MPLS and Ethernet, to deliver solutions designed for each client's requirements. It improves its client performance through its Client Management Database (CMD), providing customers with an integrated support system for all of their services. The Company is provides solutions, project management and 24x7 global operations support. In May 2012, the Company acquired nLayer Communications Inc. In April 2013, Neutral Tandem Inc acquired the global data services business of Global Telecom & Technology Inc."

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

 

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.

More from Markets

Italian Bonds Slump as Government Mulls Anti-Euro Finance Minister

Italian Bonds Slump as Government Mulls Anti-Euro Finance Minister

Global Stocks Hold Gains as North Korea Response on Talks Soothes Nerves

Global Stocks Hold Gains as North Korea Response on Talks Soothes Nerves

Canopy Growth Lets Down Eager Pot Investors; PayPal Keeps Dominating -- ICYMI

Canopy Growth Lets Down Eager Pot Investors; PayPal Keeps Dominating -- ICYMI

Dow, S&P 500 and Nasdaq Tumble After Trump Calls Off North Korea Summit

Dow, S&P 500 and Nasdaq Tumble After Trump Calls Off North Korea Summit

Inside Carnival's Mind Blowing New Horizon Cruise Ship (Video)

Inside Carnival's Mind Blowing New Horizon Cruise Ship (Video)