Stock Alert: Shopify Drops 9%; Prices Public Offering

Shares of commerce platform and services provider Shopify Inc. (SHOP) are falling more than 9% Tuesday morning at $1,2750.11.

The company today priced the previously announced public offering of 1.18 million Class A subordinate voting shares at $1,315 per share.

Shopify intends to use the net proceeds from the Offering to strengthen its balance sheet, and to fund its growth strategies.

The offering is expected to close on or before February 25, 2021.

SHOP has been trading in the range of $305.30- $1,499.75 in the last one year.

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