Why Perion Network Stock Tanked This Morning

Evan Niu, CFA, The Motley Fool
·2 min read
Why Perion Network Stock Tanked This Morning

Shares of Perion Network (NASDAQ: PERI) tanked as much as 11% this morning after the company announced the pricing of a secondary offering that it launched yesterday. Perion Network, which specializes in advertising technology, priced the deal at $11.50, which represents a meaningful discount to yesterday's closing price of $13.96. Perion sold nearly 5 million shares at the offering price to raise $57.4 million in gross proceeds.