Cambium Networks Corp. (CMBM) shares are sliding on Friday morning after the company announced the pricing of an underwritten secondary public offering of 2,500,000 ordinary shares to be sold by Vector Cambium Holdings at $28 per share.
Currently, the shares of wireless networking infrastructure solutions provider are at $26.01, down 13.91 percent from the previous close of $30.13 on a volume of 1,054,777.
The shares have traded in a range of $3.57 to $32.38 on average volume of 224,423.
The offering is expected to close on December 8 and the total gross proceeds to Vector Capital will be approximately $70 million.
Cambium said it is not selling any shares and will not receive any proceeds from such offering.
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