Live entertainment firm Venu tumbles on stock offering launch

Hospitality and entertainment firm Venu Holding's VENU.A shares down 16.2% at $7.20 in extended trading as it looks to raise equity

Colorado Springs, Colorado-based firm commences $75 mln stock offering

Co intends to use net offering proceeds to fund a portion of the development costs of The Sunset McKinney, The Sunset Broken Arrow, and The Sunset El Paso, to complete closing of purchase of property in Centennial, Colorado, to develop an indoor music hall and restaurant on such property, among other purposes

Deutsche Bank and ThinkEquity joint bookrunners

Co has ~42.8 mln shares outstanding for nearly $370 mln market cap

Shares ended down 3.3% at $8.59 on Tues, down ~13% over the past year

VENU went public in Nov 2024 $12 mln IPO priced at $10