STR Holdings (STRI) is down in pre-market trading today after announcing a proposed secondary offering of 6,500,000 shares of its common stock. The shares will be sold by certain stockholders. In connection with the proposed offering, the selling stockholders will grant to the underwriters an option to purchase up to 975,000 additional shares.
STR Holdings will not receive any proceeds from the proposed offering.Credit Suisse and Goldman, Sachs & Co. will act as joint book-running managers for the offering.
Despite the selling this morning, the stock looks considerably bullish following a recent cup with handle base breakout.