05:51 PM EDT, 09/23/2024 (MT Newswires) -- Seaport Entertainment Group ( SEG/R/WI ) said late Monday that it commenced a $175 million rights offering to purchase up to seven million shares of common stock.

The company is distributing to each common stockholder, as of Sept. 20, transferable subscription rights to purchase shares at a subscription price of $25 apiece.

Each stockholder will be issued one right for each outstanding share, and each right will entitle the holder to purchase 1.267683 shares of common stock.

Shares of the company fell 2.3% in after-hours activity.

Price: 27.50, Change: -0.64, Percent Change: -2.27