1 week ago
SanDisk Corp (NASDAQ:SNDK) shares are rebounding Wednesday morning after briefly falling on news that the company priced a $3.17 billion secondary stock offering. Here’s what investors need to know.
- SanDisk stock is trading near recent highs. What’s next for SNDK stock?
Secondary Sale Prices 5.8M SNDK Shares At Discount
Sandisk announced a secondary public offering of 5,821,135 SNDK shares currently owned by former parent Western Digital Corporation. The stock is being offered at $545 per share, below the latest trading price, with Sandisk itself not issuing new shares or receiving any proceeds.
The deal, expected to close Thursday, comes via an effective shelf registration statement and accompanying prospectus filed with the SEC.
Debt-For-Equity Swap Reduces Western Digital Overhang
Before the sale, Western Digital is expected to exchange the SNDK block for debt held by affiliates of ...
