PLANO (AP) – JCPenney, the struggling retailer that is trying to reassure the market about its financial stability, expects to raise about $810.6 million via a public stock offering.
JCPenney said Friday it plans a public offering of 84 million shares priced at $9.65 per share. Its shares finished at $10.42 per share on Thursday.
The Plano, Texas company could raise more than that if the underwriters exercise in full a 30-day option to buy up to an additional 12.6 million shares.
The offering is targeted to close on Tuesday.
JCPenney Co. also disclosed in a regulatory filing that it anticipates having about $1.3 billion in cash or assets that can readily be converted to cash at year’s end. That excludes the net proceeds from the offering.
(© Copyright 2013 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)
- Cruz Drops Out Of Race For President
- Dairy Queen Where Fire Truck Crashed Prepares To Reopen
- Trump Virtually Clinches GOP Nomination
- Police: Missy Bevers Suffered Multiple Puncture Wounds To Head And Chest
- Clear Fork Development Coming Along Quickly In Fort Worth
- Climber Falls To Her Death In Grapevine
- Tricks To Using The New iPhone Software
- Click To Text In The “Show Your Spirit’ Sweepstakes
- Ben & Skin Parody: Rangers Won’t Die
- Johnny Manziel’s Popularity Plummets
- PHOTOS: Your Pet Pictures