Claritev Slides 20% After Selling Stockholders Price 1.5 Mln Share Offering

(RTTNews) - Claritev Corporation (CTEV) fell 20.5% to close at $46.6, down $12.02, after selling stockholders priced an underwritten public offering of 1,500,000 shares of Class A common stock.

The group also granted underwriters a 30-day option to purchase up to 225,000 additional shares. Claritev will not receive any proceeds, as all shares are being sold by existing holders.

The company emphasized that the offering does not involve the issuance of new shares by Claritev itself, but the market reacted sharply to the increased float and selling-pressure signal.

On Thursday, CTEV opened at $57.98, reached a high of $58.10, and a low of $46.25, compared to the previous close of $58.62 on the NYSE. Trading volume surged well above normal levels as investors digested the offering details. The stock's 52-week range is $41.70 - $68.90.