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Key Takeaways
- GE HealthCare Technologies said it was increasing the number of shares available in its announced secondary sale.
- Shares available will increase to 14 million from the previous amount of 13 million.
- GE, which spun off its GE HealthCare unit into GE HealthCare Technologies in January 2023, will sell the shares. It retained a 19.9% stake in GE HealthCare Technologies after the spinoff.
GE HealthCare Technologies (GEHC) shares slumped over 3% Wednesday after the medical technology provider said it was expanding its previously announced secondary stock sale.
The company said it would now be offering 14 million shares of its common stock, up from 13 million. It noted that the shares will be sold by GE (GE), which retained a 19.9% stake in the firm after it spun off the unit in January 2023.
GE HealthCare said that it won’t be selling any common stock, and won’t receive any money from the sale.
The company said Morgan Stanley was the sole book-running manager of the offering, which is expected to close Friday.
Despite Wednesday’s decline of 3.6% to $88.48, shares of GE HealthCare Technologies are up more than 14% over the last year.
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