nLIGHT drops from record on $175 mln stock sale

Shares of semiconductor and fiber laser provider nLIGHT LASR.O down 10% premarket to $44.99 after $175 mln overnight follow-on priced

Camas, Washington-based LASR late Tues sold ~4 mln shares at $44

Offering price represents 12% discount to stock's record closing high of $49.98 on Tues

Co intends to use net offering proceeds for working capital, capex, and other general purposes, per the prospectus

Stifel, Baird, William Blair and Raymond James joint lead bookrunners

LASR has ~50.8 mln shares outstanding

Shares rose 4% on Tues, extending YTD gain to 33%. Stock has more than quadrupled over the past 12 months

7 of 8 analysts rate stock "strong buy" or "buy", 1 "hold"; median PT of $50 up from $40 a month ago and $29 on Nov 3, per LSEG data