Sandisk slips after launching secondary offering by Western Digital
ReutersJun 4, 2025 9:45 PM
Sandisk's SNDK.O shares down 1.9% after hours to $39.05 after data storage provider launches secondary offering
Milpitas, California-based firm says 17 mln shares owned by former parent Western Digital Corp WDC.O to be sold
WDC expected to exchange the SNDK shares for certain indebtedness of WDC held by bookrunners JP Morgan and BofA
If full overallotment is exercised for the offering, WDC would own ~9.3 mln SNDK shares
SNDK has ~145.3 mln shares outstanding as of May 19, per the SEC prospectus filing, giving co ~$5.8 bln market cap
SNDK shares on Weds closed up 3.1% at $39.82
Its stock ended at $48.60 in Nasdaq debut on Feb 24 after splitting from WDC
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