Medallion Financial tumbles 8% after secondary

It was raining hard in 'Frisco ... TAXI is off 8.5% premarket to $16.10 after pricing a 2.9M share secondary at $16.40. The underwriter greenshoe is for an additional 435K shares. The offering will add about 15% to the float.

Net proceeds of about $45.16M are expected.

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