Shares of Ecovyst (NYSE: ECVT) slumped more than 10% by 10:30 a.m. ET on Friday. Weighing on the leading provider of specialty catalysts and services was the pricing of a stock offering.
Ecovyst announced the pricing of its recently launched secondary offering by some of its large shareholders. They sold 8 million shares at $9.50 per share. In addition, it granted underwriters the option to purchase up to 1.2 million additional shares over the next 30 days. The company won’t receive any proceeds from this offering since it’s not selling any shares.