Jon Pertchik’s high-energy efforts to turn around TravelCenters of America (NASDAQ: TA) continued Monday with a $75 million offering of new stock, but shares plummeted nearly 24% below the asking price during the trading day.
In a U.S. Securities and Exchange Commission (SEC) filing, the operator of 263 full-service travel plazas and truck stops offered slightly more than 3.4 million new shares at $21.88 a share, the closing price on Friday.
In a separate SEC filing on Friday, TA raised its...
https://www.freightwaves.com/news/travelcenters-of-america-stock-flops-on-new-75-million-offering