RTTNews | Dec 9, 2021 10:31AM EST

10:31 Thursday, December 9, 2021 (RTTNews.com) - Michigan-based real estate company, Agree Realty Corporation (ADC). saw its stock drop 4% on Thursday after the company announced the pricing of 5,000,000 shares of its common stock as a public offering.

The stock is priced at $68.15 per share and the offering is expected to close on December 13. The company is planning to use the net proceeds for general corporate purposes.

The stock is currently trading at $68.21, down $3.12 or 4.38% since the previous close at $71.34. The stock opened at $68.25 in the morning. In the 52-week period, the shares have ranged between $61.27 and $75.95.

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