CNB Financial dips 5.6% on $87M public offering

Sep. 15, 2022 4:56 PM ETCNB Financial Corporation (CCNE)By: Manshi Mamtora, CFA
  • CNB Financial (NASDAQ:CCNE), the parent company of CNB Bank commenced an underwritten public offering of $87M of its common stock.
  • Underwriters have a 30-day option to purchase an aggregate of up to an additional 15% shares.
  • Net proceeds from the offering for general corporate purposes, which may include working capital and the funding of organic growth or potential acquisitions.
  • Stock drops 5.6% during after market hours.

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