CLF’s net proceeds from the offering (after fees) were $575.5M.
If the underwriter’s 30-day option on 8.25M shares is exercised (which is almost certain given that the stock is trading above the exercise price), CLF will receive an additional $86.3M (after fees) for total proceeds from the stock offering of $661.8M.
(The proceeds from CLF’s bond offering are in addition to the above.)
“The efficient-market hypothesis may be the foremost piece of B.S. ever promulgated in any area of human knowledge!”
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