Retail

Express stock tumbles after retailer announces stock sale plan

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A shopper carries an Express Inc. bag while walking in the Center City neighborhood of Philadelphia Pennsylvania, U.S., on Friday, June 24, 2016.

Charles Mostoller | Bloomberg | Getty Images

Stock of the retailer Express ended trading Thursday down nearly 20%, after the clothing retailer announced plans to sell up to 15 million shares.

Express plans to sell the stock, which could represent more than 22% of its shares outstanding, via an “at-the-market” equity offering. This means the newly issued stock will be sold from time to time at market prices. Its advantage is that it gives Express control over when it will offer the stock and how much it will offer.

In a press release, Express said…



Source cnbc.com

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