DHT Holdings Declares Common Stock Offering; Shares Drop 9.6

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DHT Holdings (DHT) reported that it intends to offer about 8,000,000 shares of its common stock in an underwritten public offering, subject to market conditions. The company also expects to grant the underwriters an option to purchase up to 1,200,000 additional shares of the company's common stock to cover overallotments, if any. According to the company, it will use the net proceeds of the offering for general corporate purposes, which may include, without limitation, vessel acquisitions, business acquisitions or other strategic alliances, reduction of outstanding borrowings, capital expenditures and working capital. Shares are down 9.65% or $0.49 to $4.59 in pre-market trading.