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Fleetwood Enterprises Inc. raised $25 million Monday (Oct. 20) from the sale of 2.67 million shares of its common stock to institutional investors.
The deal was announced after the stock market closed Monday and Fleetwood’s newly issued stock was sold for $9.35 a share, which represents a 4% discount when compared with Monday’s closing price of $9.74.
The $25 million will be used by Fleetwood, a New York Stock Exchange-listed company, for general corporate purposes.
Fleetwood had 35.9 million shares outstanding as of Sept. 2, so the issuance of the 2.67 million new shares on Monday increased the total by 7.5%.