In a move aimed at raising capital for future expansion and investment opportunities, Cervantes recently offered 60,000 new shares of stock for sale to the public. The underwriters successfully sold a total of 73,400 shares at a price of $18.20 per share, exceeding the initial offering. The additional 13,400 shares were purchased in accordance with certain terms and conditions set by the company.
The decision to offer new shares of stock was a strategic move by Cervantes to attract new investors and raise funds for its growth initiatives. The response from the public was overwhelmingly positive, with the underwriters managing to sell more shares than initially planned. This success reflects the confidence investors have in the company's future prospects and management team.
The price of $18.20 per share was determined based on market conditions and the valuation of the company. This price point was attractive to investors, leading to the oversubscription of shares during the offering. The strong demand for Cervantes' stock is a testament to the company's strong performance and potential for future growth.