Benzinga | Sep 21, 2021 09:31AM EDT

Why Bill.com Shares Are Trading Lower Today

Bill.com Holdings, Inc. (NYSE:BILL) shares are trading lower after the company announced it will offer $1 billion of common stock.

Bill.com intends to use the net proceeds of the offering for general corporate purposes, which may include working capital, capital expenditures and potential acquisitions and strategic transactions.

Bill.com Holdings, Inc. provides cloud-based software that simplifies, digitizes, and automates back-office financial operations for small and midsize businesses worldwide.

Bill.com shares were trading about 4.85% lower at $270 per share on Tuesday at the time of publication. The stock has a 52-week high of $301.99 and a 52-week low of $87.71.