08:26 AM EDT, 03/14/2024 (MT Newswires) -- Pagaya Technologies ( PGY ) said Thursday it has priced an underwritten public offering of 7.5 million Class A ordinary shares at $12.70 per share for expected gross proceeds of about $95 million.

The company said underwriters will have the option to purchase up to about 1.1 million additional shares within 30 days.

Pagaya ( PGY ) said it intends to use the net proceeds from the offering, slated to close Monday, for general corporate purposes and to support future growth initiatives.

Shares of the company were down 14% in recent Thursday premarket activity.

Price: 13.34, Change: -2.17, Percent Change: -13.99