E2open tumbles after pricing stock offering

|About: E2open (EOPN)|By:, SA News Editor

E2open (EOPN -7.6%) has priced its 4.7M-share stock offering at $25, well below yesterday's closing price of $26.17. (PR)

The cloud procurement/supply chain software firm is selling 2.11M new shares (gross proceeds of $53M), and 2.55M on behalf of existing shareholders. The shareholders have given underwriters a 699K-share overallotment option.

E2open says it will use the proceeds for "general corporate purposes and other operating expenses," and potentially for future acquisitions.

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