- The stock price of Warner Music Group Corp (NASDAQ: WMG) fell by 2.7% after hours today. This is why it happened.
The stock price of Warner Music Group Corp (NASDAQ: WMG) fell by 2.7% after hours today. Investors are responding negatively to Warner Music Group announcing the sale of an aggregate of 8,562,500 shares of the Company’s Class A common stock by affiliates of Access Industries, LLC to Morgan Stanley & Co. LLC as the sole underwriter in the registered public offering of those shares.
The selling stockholders are selling all of the shares of Class A common stock in the offering. And the Company will not receive any proceeds from the offering.
Morgan Stanley & Co. LLC proposes to offer for sale the shares of common stock from time to time in one or more transactions on Nasdaq, in the over-the-counter market, through negotiated transactions or otherwise at a fixed price or prices, which may be changed, subject to receipt and acceptance by it and subject to its right to reject any order in whole or in part.
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Read More: Warner Music Group Stock (WMG): Why The Price Fell Today