Peloton said Tuesday it plans to sell roughly 23.9 million shares of its Class A common stock at a public offering price of $46, netting the company about $1.07 billion.
Stock offerings are often pursued by public companies to take advantage of a growing share price, but Peloton's market value has plunged this year.Cari Gundee rides her Peloton exercise bike at her home on April 06, 2020 in San Anselmo, California.shares were rising Tuesday even after the company announced it was planning to raise $1.07 billion through a new stock offering that values its shares at a discount to their current trading price.
In its announcement Tuesday, the connected fitness equipment maker said the proceeds would be used for general corporate purposes, including the construction or expansion of facilities, acquisitions, and investments in new products and technologies. Peloton shares initially fell 7% in premarket trading Tuesday on the news, but were recently up more than 12%. The stock had closed Monday down 3.5% at $47.49 — slightly above the public offering price — after touching a 52-week low of $46.70 earlier in the day.
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