Global Water slides on stock sale

Shares of Global Water Resources GWRS.O down 3.8% premarket to $9.81, lowest since Nov 2023, after co raises equity

GWRS on course to fall for third straight session, if losses hold

Phoenix, Arizona-headquartered firm, which operates and manages water, wastewater and recycled water utilities, early Weds announces pricing of 2.8 mln shares at $10 for $28 mln gross proceeds

Offering price represents 2% discount to last close

Co plans to use net offering proceeds for acquisitions, working capital and other general purposes

It has ~24.2 mln shares outstanding as of Mar 3, per the SEC prospectus filing

Roth Capital and Janney Montgomery jt bookrunners for the offering

Through Tues close, stock down ~11% YTD and off ~20% over the past 12 months

GWRS is very thinly traded with 90-day avg volume of about 31k shares, per LSEG data