ProFrac tumbles on deep-discounted $75 mln equity raise

Shares of oilfield services co ProFrac Holding Corp ACDC.O down 27.2% premarket to $4.60, over three-month low, after $75 mln follow-on prices

Texas-based ACDC early Weds announces 18.75 mln shares at $4, 36.7% discount to stock's last close

ACDC founders Dan Wilks and Farris Wilks indicated interest to buy up to $20 mln worth of shares in the offering, per the prospectus

Co says plans to use net offering proceeds to repay borrowings under its revolver, pursue potential investment opportunities and for working capital and other general purposes

JP Morgan and Piper Sandler are joint bookrunners

With ~160.28 mln shares outstanding, co has $1 bln market cap

Through Tues close, ACDC shares lost ~19% YTD

3 of 5 analysts rate stock "hold" and 2 rate "sell", per LSEG; median PT is $7.25