09:18 AM EDT, 09/25/2024 (MT Newswires) -- BlackSky Technology ( BKSY/WS ) shares tumbled as much as 22% in recent premarket activity Wednesday after the technology company said it priced an underwritten public offering of 10 million shares at $4 each.

The company said it is the sole shareholder selling the shares in the offering and that it expects to take in gross proceeds of $40 million.

BlackSky ( BKSY/WS ) also said it has granted the underwriters a 30-day option to buy up to an additional 1.5 million shares. The offering is slated to be completed on Thursday.

Price: 3.94, Change: -1.10, Percent Change: -21.83