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Update: NN Enters Securities Purchase Agreement for $75 Million PIPE Financing; Shares Rise

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(Updates with the latest stock movement in the headline and the first paragraph.)

NN (NNBR) shares were up more than 2% in Wednesday trading after the company said it has entered into a securities purchase agreement for a private investment in public equity financing expected to generate $75 million in gross proceeds.

Under the agreement, NN said it will issue 24.5 million shares at $3.06 per share.

The company said it plans to use the net proceeds from the offering, which is expected to close on or about Thursday, for working capital, general corporate purposes, and potential balance sheet optimization.

Price: $3.67, Change: $+0.08, Percent Change: +2.09%

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