Tetra Technologies Inc (NYSE:TTI) disclosed a $100 million underwritten public offering of common stock.
Shares fell 10.5% in after‑hours trading on Tuesday following the announcement.
Net proceeds are earmarked for general corporate purposes, including funding a portion of the construction costs of its Arkansas bromine project.
The offering is being made pursuant to an effective shelf registration statement on Form S‑3 filed with the U.S. Securities and Exchange Commission.
Underwriters have a 30‑day option to purchase up to an additional $15 million of shares to cover any over‑allotments at the public offering price, less underwriting discounts and commissions.
J.P. Morgan is serving as lead book‑running manager, with Jefferies also acting as book‑running manager.
The offering is subject to market and other conditions; there is no assurance that the offering will be completed, nor regarding its final size or terms.
Stock offerings typically dilute existing shareholders’ ownership stakes, which often leads to negative market reactions as the value of current shares is spread across a larger number of outstanding shares.
