FLNC is trading 5% down at $19.92 in pre-market, extending yesterday’s post-deal weakness after a sizable secondary stock sale priced below recent highs.
- Shares are reacting to the pricing of a 20 million-share secondary offering at $21.00 per share.
- All stock is being sold by existing controlling shareholders, meaning Fluence Energy will receive no proceeds from the transaction.
- The sale is pressuring investor sentiment as the market absorbs the significant supply overhang and potential profit-taking.