The good news for name-your-price retailer Priceline.com (Nasdaq: PCLN) was that it sold a million shares of stock at $67 in a secondary offering on Thursday. The bad news is that the company had planned on raising a lot more money.
Priceline had originally intended on selling up to two million shares, but the recent downturn in the Internet sector meant the offering size had to be lowered. In addition, Priceline did not go through with a planned sale of $250 million of convertible subordinated notes. Priceline is still a market leader with a unique business model, but this is really a bad time for Internet companies to try to raise money. Considering the state of the market, selling a million shares of stock isn’t a bad accomplishment.
Shares of Priceline closed down 2-11/16 to 67-5/16 on Thursday.