Summary
Centene Corporation (CNC) announced on January 25, 2010, its entry into a purchase agreement for a public offering of 5,000,000 shares of common stock at $19.25 per share. This offering, which also includes an option for underwriters to purchase an additional 750,000 shares, is expected to generate approximately $90.8 million in net proceeds after accounting for underwriting discounts and estimated expenses. These proceeds are intended to bolster the company's financial resources. The filing includes the Purchase Agreement and the legal opinion from Bryan Cave LLP regarding the legality of the issued common stock. Investors should note this is a capital-raising event designed to strengthen Centene's financial position.
Key Highlights
- 1Centene Corporation is conducting a public offering of 5,000,000 shares of common stock.
- 2The offering price is set at $19.25 per share.
- 3Underwriters have an option to purchase an additional 750,000 shares.
- 4Expected net proceeds from the offering are approximately $90.8 million.
- 5The purpose of the offering is to raise capital.
- 6Key documents filed include the Purchase Agreement and a legal opinion on the common stock.
Frequently Asked Questions
This 8-K filing announces Centene Corporation's entry into a purchase agreement for a public offering of its common stock and details the terms of the offering.
Centene Corporation expects to raise approximately $90.8 million in net proceeds from this offering after deducting underwriting discounts and estimated expenses.
The common stock is being offered at a price of $19.25 per share to the public.
Yes, the underwriters have been granted an option to purchase up to an additional 750,000 shares of common stock.