04:17 PM EDT, 09/30/2024 (MT Newswires) -- Pennant Group ( PNTG ) said late Monday it has started an underwritten public offering of 3.5 million shares.

The company said it plans to grant its underwriters, including Citigroup and Truist Securities, a 30-day option to buy up to 525,000 additional shares, the firm said. It expects to use the proceeds to repay its debt.

Shares of the company fell over 5% in after-hours activity.

Price: 33.77, Change: -1.93, Percent Change: -5.41