Shares of United Airlines Holdings Inc. undefined sank 7.5% in premarket trading Monday, after the air carrier disclosed that it entered into agreements for...
Shares of United Airlines Holdings Inc. UAL, -7.33% sank 7.5% in premarket trading Monday, after the air carrier disclosed that it entered into agreements for the sale of up to 28 million shares of common stock. The company entered the equity distribution agreement with Citigroup Global Markets Inc., BofA Securities Inc. and J.P. Morgan Securities Inc., relating to the issuance and sale"from time to time" of the stock. The agreement represents up to 9.
6% of the shares outstanding. It comes as the company also said it expects to have about $17 billion in liquidity by September, as it announced committed financing of $5 billion tied to its loyalty program and another $4.5 billion from the CARES government loan program. United's stock was underperforming its peers and the broader market early Monday, as the U.S. Global Jets ETF JETS, -5.25% fell 6.4% in the premarket and the futures ES00, -1.88% for the S&P 500 SPX, -1.82% shed 1.9%.
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