Agree Realty Slips On New Fund Raise Plan By Investing.com

By Dhirendra Tripathi

Investing.com – Agree Realty (NYSE:ADC) stock fell 3.4% in Friday’s premarket trading a day after the company disclosed pricing its 4-million share offering for expected gross proceeds of approximately $286 million.

The company intends to use the net proceeds of the offering to reduce amounts outstanding under its revolving credit facility, to fund property acquisitions and development activity, for working capital and for general corporate purposes.

The targeted proceeds do not include expenses to be incurred on the offering.

The company expects to grant the underwriter a 30-day option to purchase up to an additional 600,000 shares of common stock, with the offering expected to close on or about June 15.