04:30 PM EDT, 03/27/2024 (MT Newswires) -- ATS Corp ( ATS ) were last seen down 2.4% in after-hours New York trading after the company on Wednesday said shareholder Mason Capital Management is raising C$163 million in a secondary offering of the company's shares.

Mason Capital is selling an underwriter 3.5-million shares of the industrial-automation company priced at C$46.55 each, with a further 147,000 shares available as an over-allotment option. ATS receives no funds from the offering.

"As a long-time investor in ATS, Mason remains committed to the Company as reflected by our significant ownership stake. We are proud of the Company's growth and achievements to date. We look forward to our ongoing partnership with the Company's management team, board and other stakeholders to continue driving growth and increasing shareholder value, and have full confidence in management and ATS' value creation strategies," Mason said in the release issued by ATS.

ATS shares were last seen down US$0.85 to US$34.92 after hours. They closed up C$0.73 to C$48.50 on the Toronto Stock Exchange.