Eagle Point Credit Company ( ECC ) shares were slumping Friday morning after management investment firm said it priced its public offering of 1.3 million shares of common stock at $17.65 per share, or a 6.4% discount from the stock's previous close.
The underwriters have been granted a 30-day option to purchase up to 187,500 additional shares to cover over-allotments.
The company intends to use the net proceeds of approximately $20.9 million to acquire investments and for general working capital purposes.
The offering is expected to close on May 18, subject to customary closing conditions.
ECC was moving in the lower half of the 52-week range of $13.30 to $21.49.
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