Shares of recovered energy power company Ormat Technologies (NYSE:ORA) are slumping in the pre-market session today after the pricing of an upsized underwritten secondary offering of 3.75 million shares at $90 apiece.
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The offer is on behalf of ORIX Corporation and Ormat will not receive any proceeds from this sale. The offer is anticipated to close on November 21.
While Ormat shares have gained ~27.6% year-to-date, short interest in the stock remains high, at about 11.6% at present.
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