Arlington Asset prices 3M-share stock offering
ARLINGTON, Va. (AP) — Arlington Asset Investment Corp. says it priced an offering of 3 million shares at $24.80 per share.
The firm, which mainly invests in mortgage securities, saw its stock fall 60 cents, or 2.4 percent, to $24.76 in morning trading on Friday.
It is typical for a company's stock to fall when an offering is made, as it can dilute the value of current shares.
Arlington Asset is giving the underwriters a 30-day option to buy up to an additional 450,000 shares to cover any excess demand.
The offering is expected to close on Wednesday.