RESEND: Steel & Tube raises $42.3M in discounted retail rights offer with 71% uptake

Tue, 04 Sep 2018

(Fixes garbled headline, typo in lede) By Rebecca Howard Sept. 5 (BusinessDesk) - Steel & Tube Holdings says 71 percent of its deeply discounted 1-for-1.9 pro rata rights offer was taken up by shareholders and the stock has been halted for a shortfall bookbuild to raise another $17.8 million. Shareholders bought about $42.3 million of new shares at $1.05 in the offer, a 28 percent discount to the $1.46 price they were trading at prior to the announcement. The shares closed at $1.23 yesterday having dropped 37 percent so far this year....

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