Stock Alert: Dave & Buster's Down 15% After Announcing Share Offering

(RTTNews) - Shares of Dave & Buster's Entertainment, Inc. (PLAY), an entertainment and dining venues operator, are tumbling more than 15% Monday morning after the company announced that Jefferies LLC has agreed to purchase $10 million of Dave's common stock to be re-offered by Jefferies at variable prices.

Dave & Buster's intends to use the net proceeds from this offering to pay down debts and for general corporate purposes.

The company has granted Jefferies an option, exercisable for up to 30 days, to purchase up to an aggregate of an additional $1.5 million of shares.

PLAY is currently trading at $11.23. It has traded in the range of $4.60- $59.60 in the past one year.