Hanger Orthopedic falls 12% on shareholder public offering
Hanger Orthopedic Group Inc. (NYSE:HGR) dropped almost 12% this morning after announcing that a shareholder had offered 2.5 million shares of its common stock to the public.
In a statement issued after the market closed Monday, Hanger said that shareholder Ares Corporate Opportunities Fund LP was issued the shares in August as part of a conversion of all of Hanger's Series A convertible preferred stock into common stock.
Upon completion of the public offering of the shares, the overall number of outstanding shares of Hanger Orthopedic will remain the same.
Bethesda, Md.-based Hanger Orthopedic, a provider of orthotic and prosthetic patient-care services, will not receive any proceeds from the offering.
By mid-morning Hanger Orthopedic is at $17.30, down $2.30 from Monday’s close. The stock has traded as low as $9 and as high as $21 during the past 52 weeks.
For detailed price information and news stories on Hanger Orthopedic, click HGR.
About the Author
Contributing author Mary Ann Azevedo has more than 13 years of writing and editing experience that includes coverage of a broad range of companies.
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