StealthGas Plans to Sell 8 Mln Common Shares to Finance Fleet Acquisition; Shares Drop 7%

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StealthGas ( GASS ) shares are down 7% after the company said it plans to sell 8 million common shares to finance the acquisition of five vessels, including three second-hand LPG carriers.

The company said that an entity controlled by the family of StealthGas' president and CEO has indicated that it intends to buy about 5% of the shares in the offering. Underwriters will be given a 30-day option to buy up to 1.2 million more shares.

The stock is off $0.81 at $10.39, above a day low $10.17 but at the upper end of a 52-week range of $5.17 - $12.10.



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This article appears in: Investing , Commodities

Referenced Stocks: GASS

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