Identiv Prices 2 Mln Shares At $15 A Share, Stock Plunges

(RTTNews) - Identiv Inc. (INVE) Thursday said it priced a public offering of 2 million common shares at $15 a share for proceeds of $27.3 million. Following the news, shares of the security technology company plunged $3.53 or 17.89% to $15.97.

The company expects to close the offering on September 16, 2014. Identiv plans to use the proceeds for working capital and other general corporate purposes, including the acquisition of, or investment in, companies, technologies, products or assets that complement Identiv's business.

Identiv has also granted the underwriter a 30-day option to purchase up to an additional 300,000 shares to cover overallotments, if any.