York Water to Issue 1.5M Shares at $28.50, Stock Hits 52-Week Low
York Water Company is issuing 1.5 million shares at $28.50, raising about $43 million and causing its stock to fall to a 52-week low of $28.26. VP Suzanne Becker acquired 41.20 shares at $29.13, boosting her holdings to 119.19 shares.
1. Share Offering Drives Stock to 52-Week Low
The York Water Company is issuing 1.5 million shares at $28.50 each, generating approximately $43 million in gross proceeds and diluting existing shareholders. This discounted offering from the prior close of $30.84 pushed the stock down to a 52-week low of $28.26.
2. Insider Purchase Signals Confidence
VP of Customer Service Suzanne Becker acquired 41.20 shares at $29.13, raising her total holdings to 119.19 shares. This insider buy near the year's low suggests management views current valuation as an attractive entry point.
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Sources
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