Andersen Group Stock Rises 9% On Secondary Offering Announcement

(RTTNews) - Andersen Group Inc. (ANDG) shares rose $4.10, or 9.09 percent, to $49.12 on Thursday, after it priced a public offering of 4.28 million Class A shares at $44 per share.

The stock opened at $45.51 and traded between $45.89 and $49.24 during the session on the New York Stock Exchange. It has traded in a 52-week range of $18.12 to $50.76. Trading volume reached 2.02 million shares, compared with an average daily volume of 0.37 million shares.

The offering is expected to generate approximately $188.5 million in gross proceeds for the selling stockholders. Andersen is not selling any shares and will not receive proceeds from the offering. The selling stockholders also granted underwriters an option to purchase up to an additional 0.64 million shares.