J.C. Penney announces 84M-share stock offering, shares -4.3% AH

• At current levels, the offering would yield proceeds of $837M. There have been multiple reports J.C. Penney (NYSE:JCP) is looking to raise fresh capital, as it contends with worsening cash burn.
• For context, the retailer currently has a market cap of just $2.2B.
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