Shares of Bridger Aerospace, an aerial firefighting company based in Belgrade, Mont., experienced a 13.8% surge today, following the termination of its planned $70 million public offering. The offering, which was initiated on October 17, was cancelled due to unfavorable market conditions and shareholder interests.
The decision to call off the offering comes in the wake of a significant drop in Bridger's stock price, which saw a 60% decrease year-on-year. The initial public offering had further exacerbated this downward trend.
The net proceeds from the now-cancelled public offering were intended to fund several key investments for Bridger Aerospace. These included the acquisition of four aircraft from the Spanish government and the purchase of Bighorn Airways. The funds were also earmarked for upgrade costs for the newly acquired aircraft, as well as other corporate needs.
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