wpadmin 
By: Oliver Cuenca
Aerial firefighting firm Bridger Aerospace has cancelled a planned $70 million public offering
The public offering, announced on 17 October, was cancelled due to unfavorable market conditions, as well as the interests of shareholders.
The decision to call off the offering was in part due to the approximate 60 per cent drop in Bridger Aerospace’s share price since its entry into the Nasdaq Global Market at the start of the year.
The planned public offering would have diluted the value of shares owned by existing shareholders further, worsening this downward trend.
After the announcement of the public offering, Bridger share prices reached a nadir of less than $4 – down from a peak of $22 when Bridger became a publicly traded company – equivalent to an 80 per cent loss of value.
Since the cancellation of the public offering, Bridger’s share price has begun to recover – rising to $5.55 as of 26 October.
The public offering was intended to fund a number of key investments that it has previously announced, including the purchase of Bighorn Airways and the acquisition of four Super Scoopers from the Spanish government. It is not currently known if Bridger has alternative plans in place for how it will fund these investments.
SOURCE: https://www.airmedandrescue.com/latest/news/bridger-aerospace-cancels-public-offering
