Stock Alert: Vontier Hits New 52-week High After Pricing Stock Offering

(RTTNews) - Shares of Vontier Corp. (VNT), a North Carolina-based industrial technology company, are rising more than 4 percent or $1.61 in Thursday's morning trade at $36.00, after hitting a new 52-week high of $36.15.

Wednesday, Vontier announced the pricing of its previously announced underwritten offering of 33.51 million shares of its common stock at a price to the public of $33.50 per share. The shares in the secondary equity offering represent all of the shares of Vontier common stock currently owned by Fortive Corp., Vontier's former parent company.

Fortive has agreed to exchange all of the shares of Vontier common stock to be sold in the offering for indebtedness of Fortive owned by Goldman Sachs & Co. LLC. Vontier is not selling any shares and will not receive any proceeds from the sale of the shares in the offering or the debt-for-equity exchange.

The offering is expected to close on January 19, 2021. Following the completion of the offering, Fortive will no longer own any shares of common stock of Vontier.

Vontier has traded in a range of $26.36 to $36.15 in the past 52 weeks.
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