Noodles cancels secondary stock offering as stock plummets
BROOMFIELD — A day after announcing plans for a secondary stock offering of up to 10,062,500 shares, Noodles & Co. (Nasdaq: NDLS) on Wednesday said the plan will not be pursued, citing market conditions.
Noodles had announced on Oct. 23 that certain of its stockholders would offer 8,750,000 shares of Class A common stock, while also offering the underwriters a 30-day option to purchase up to 1,312,500 additional shares. Noodles would not have received any proceeds from the offering.
Noodles on Tuesday reported net income of $1.1 million, or 2 cents per diluted share, missing analysts’ expectations of 4 cents per share.
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Noodles’ stock closed at $12.67 per share, Tuesday, but fell almost 25 percent to $9.52 at the Wednesday close.
BROOMFIELD — A day after announcing plans for a secondary stock offering of up to 10,062,500 shares, Noodles & Co. (Nasdaq: NDLS) on Wednesday said the plan will not be pursued, citing market conditions.
Noodles had announced on Oct. 23 that certain of its stockholders would offer 8,750,000 shares of Class A common stock, while also offering the underwriters a 30-day option to purchase up to 1,312,500 additional shares. Noodles would not have received any proceeds from the offering.
Noodles on Tuesday reported net income of $1.1 million, or 2 cents…
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