04:31 PM EDT, 06/17/2024 (MT Newswires) -- Veris Residential ( VRE ) said late Monday it has started an underwritten public offering of 10.5 million shares, with JPMorgan, Goldman Sachs and BofA Securities as the joint book-running managers.

The underwriters will be given a 30-day option to buy up to an additional 1.575 million shares, the company said.

Net proceeds will be used to fund the company's planned acquisition of 55 Riverwalk Place in West New York, New Jersey.

If the company is unable to consummate the acquisition, it may use the proceeds for general corporate purposes and working capital, Veris said.

The stock was down more than 6% in extended trading.