05:32 PM EDT, 03/13/2024 (MT Newswires) -- Pagaya Technologies ( PGY ) said Wednesday it launched an underwritten public offering of 6.5 million class A ordinary shares.

Underwriters may be granted a 30-day option to buy up to additional 975,000 shares.

Net proceeds will be used for general corporate purposes and future growth, including working capital and investments.

Pagaya ( PGY ) shares were down past 11% in after hours.

Price: 13.75, Change: -1.76, Percent Change: -11.35