Fortress Transportation and Infrastructure Investors ( FTAI ) shares fell in premarket trading Thursday after the New York-based company priced its registered underwritten public offering of 7 million of its shares at a public offering price of $18.65 a share, 6% lower than the share closing price on Wednesday.
The offering is expected to close on Jan. 16.
In connection with the offering, the underwriters have a 30-day option to purchase up to 1.1 million additional shares.
The company said it will use the net proceeds funding future investments.
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