Cactus Inc. [NYSE: WHD] declared the pricing of an underwritten secondary offering of 5,500,000 shares of its Class A common stock by some selling stockholders. The firm is expecting a net gross profit of $173.3 million and has also offered the underwriters an opportunity to buy extra 825,000 shares of common stock at the public offering price, subtracting the underwriting deductions and expenses.
Furthermore, Cactus disclosed that it will not get any profit from the sale of ordinary shares in the offering. Shares of Cactus tumbled down 16.03% during the trading session of Tuesday. The firm has lost -6.20 on Tuesday and has a closing price of $32.48. Focusing on its liquidity, it has a current ratio of 8.70 and a quick ratio of 6.90. Cactus has recorded the Gross, Profit, and Operating Margin of 32.00%, 9.90%, and 20.10%, respectively.
The joint book-running managers of the firm for the offering include Credit Suisse and Citigroup. While the joint book-running managers are Morgan Stanley and BofA Securities. The securities are being offered and will be submitted in accordance with an automatic shelf filing declaration that was formerly submitted with the SEC and considered valid upon submitting the application.