Benzinga | Mar 3, 2021 11:00AM EST

Stratasys Shares Are Trading Lower After $200M Secondary Share Sale

* 3D printers and 3D production systems manufacturer Stratasys Ltd (NASDAQ: SSYS) priced 6.9 million shares at $29 per share to raise $200 million in a secondary share sale.

* The offer price signifies a 10% discount to the Tuesday closing price of $32.28.

* The underwriters have a 30-day option to purchase additional shares up to 1 million.

* J.P. Morgan and Stifel are the lead book-running managers for the offering. Morgan Stanley is the book-running manager for the offering.

* The company generated $23.7 million of operating cash flow in the fourth quarter of FY20, leading to $299.1 million net cash with no debt.

* The stock has gained over 99% in the last three months.

* Price action: SSYS is trading down by 11.3% at $28.61 on the last check Wednesday.