Benzinga | Aug 18, 2021 02:56PM EDT

Performant Financial To Raise $40M Via Stock Offering

* Performant Financial Corp (NASDAQ:PFMT) has priced its public offering of 10.525 million shares at $3.80 per share.

* The company granted underwriters a 30-day option to purchase up to an additional 1.58 million shares.

* The company expects gross proceeds from this offering to be ~$40 million.

* The offering is scheduled to close on August 20, 2021.

* Performant Financial intends to use the offering net proceeds for working capital and other general corporate purposes.

* Price Action: PFMT shares are trading lower by 9.13% at $3.89 on the last check Wednesday.