Benzinga | Aug 14, 2020 11:53AM EDT

Why Rimini Street's Stock Is Trading Lower Today

Rimini Street (NASDAQ:RMNI) shares are trading lower on Friday after the company announced a 6.1 million share offering of its common stock at $4.50 per share.

Rimini Street is a provider of enterprise software support products and services, and the third-party support provider for Oracle and SAP software products based in the United States. Its products include Oracle e-business suite, SAP business suite, and Agile PLM which are offered to various industries including manufacturing, public sector companies, retail, and education.

Rimini Street shares were trading down 15.59% at $4.44 on Friday at the time of publication. The stock has a 52-week high of $5.97 and a 52-week low of $2.22.