Offerings Send Several Stocks Lower Wednesday, September 30, 2:30 PM ET
Multifamily REIT Colonial Properties Trust (NYSE:CLP) announced it has commenced a public offering of 9 million common shares. The company said it would use the proceeds to pay down its credit facility. BofA Merrill Lynch (NYSE:BAC), Wells Fargo Securities (NYSE:WFC) and UBS Investment Bank (NYSE:UBS) are the joint book-running managers for the offering. Shares of Colonial Properties Trust were down more than 12% in early trading Wednesday.
Rockwell Medical Technologies (NASDAQ:RMTI) announced it obtained commitments from institutional investors to purchase just over 2.8 million common shares with warrants, in a 22 million dollar registered direct offering. Units were priced at 7 dollars and 75 cents each, with each unit consisting of one share and a warrant to purchase .38 shares at an exercise price of 9 dollars and 55 cents. Rockwell said proceeds would help fund clinical trials and other research and development expenses. Rockwell shares were down over 14% on Wednesday.
And ReneSola (NYSE:SOL) priced an offering of 15.5 million American Depositary Shares at 4 dollars and 75 cents each. The company said it may use the net proceeds toward the repurchase of convertible bonds in the open market or through tender offers. ReneSola shares fell more than 11% in early trading Wednesday.
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