Symbotic Inc ( SYM ) shares are tumbling in Wednesday’s after-hours session after the company announced a common stock offering.

SYM shares are retreating from recent levels. Get the scoop here.

What To Know: Symbotic ( SYM ) said it commenced an underwritten public offering of 10 million shares by the company and an affiliate of SoftBank.

Symbotic ( SYM ) will offer 6.5 million shares in a primary offering, and SVF Sponsor III (SoftBank affiliate) will offer an additional 3.5 million shares in a secondary offering.

The robotics technology company plans to grant the underwriters a 30-day window to purchase up to an additional 1.5 million shares at the public offering price.

Symbotic ( SYM ) expects to use the net proceeds from the primary offering for general corporate purposes. The selling stockholder will receive all proceeds from the 3.5 million share offering.

Symbotic ( SYM ) said it had approximately $1.25 billion in cash and cash equivalents as of Sept. 27 when it reported earnings at the end of November.

SYM Price Action: Symbotic ( SYM ) shares were down 11.84% in after-hours Wednesday, trading at $64.55 at the time of publication, per Benzinga Pro.

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