Scorpio Tankers (STNG -20.1%) gets stung after pricing its secondary offering of 7M shares at...


Scorpio Tankers (STNG -20.1%) gets stung after pricing its secondary offering of 7M shares at $5.50 per share, a whopping 17% discount to yesterday's closing price. The shipper plans to use the proceeds to buy two tankers and pay down debt. This would be the company's second offering this year, and with just 32 million shares outstanding, dilutes its total shares outstanding by 22%.

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