Shares of Rollins Inc. ROL dropped 6.3% in premarket trading on Thursday, reaching a six-month low. The decline followed the announcement of a public offering of 38.72 million shares by a selling shareholder, LOR Inc.
LOR Inc. is a member of the control group that currently owns more than half of the outstanding shares of Rollins Inc. The number of shares offered represents 7.9% of the total outstanding shares as of July 17. The offering was priced at $35.00 per share, marking an 8.1% decrease from Wednesday’s closing price of $38.08.
No Proceeds for Rollins Inc.
It is important to note that Rollins Inc. will not receive any proceeds from this offering, as it is not selling any shares.
Over the past three months, Rollins Inc. has experienced a 7.5% decline, while the S&P 500 has seen a 4.6% increase.
In conclusion, the public offering by LOR Inc. has led to a significant decrease in Rollins Inc.’s share value. The company remains unaffected by this offering as it does not involve the sale of any shares by Rollins Inc.