05:07 PM EDT, 09/03/2024 (MT Newswires) -- PACS (PACS) said Tuesday it started an underwritten public offering of almost 13.9 million shares, including 2.78 million sold by the company and 11.1 million from selling stockholders.

The selling shareholders expect to give the underwriters a 30-day option to buy up to an additional 2.08 million shares, PACS said.

The planned offering is subject to market conditions, and there's no assurance on the completion or the size, the company said.

PACS won't receive any proceeds from the sale by selling stockholders.

Shares of PACS fell 4.8% in recent trading Tuesday.

Price: 37.64, Change: -1.89, Percent Change: -4.78