12:33 PM EST, 03/07/2024 (MT Newswires) -- (Updates with stock price movement in the headline and first paragraph)

ADT (ADT) shares were down 10.7% in recent trading Thursday, a day after the company priced a public offering of 65 million common shares held by affiliates of Apollo Global Management at $6.50 per share.

The underwriters have been granted a 30-day option to buy up to about 9.8 million additional shares.

The company said it will not receive any proceeds from the secondary offering, which is set to close on March 11, subject to customary closing conditions.

Meanwhile, ADT also authorized the concurrent purchase from the underwriters of 15 million common shares as part of the secondary public offering.

Price: 6.67, Change: -0.80, Percent Change: -10.71