Live entertainment co Venu plunges after announcing stock sale, preliminary results

Hospitality and live entertainment co Venu Holding's VENU.A shares plunge 26.7% to record low $6.30 early Weds as co seeks equity

Colorado Springs-based firm late Tues commenced $75 mln stock offering

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

Co after the bell Tues said it expects Q4 rev of $4.4-$4.8 mln, compared to $4.3 mln in yr-ago period

In the statement, Chairman and CEO JW Roth said co saw its first development profit of $6.2 mln in the qtr, adding he believes it will become "operationally profitable" by the end of 2026

Deutsche Bank and ThinkEquity joint bookrunners for the offering

Co has ~42.8 mln shares outstanding for about $370 mln market cap through Tues close

With the move on the session, shares have lost a third over the past 12 months

VENU debuted in Nov 2024 $12 mln IPO priced at $10