Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of Chinese IT development firm hiSoft Technology International
So what: The company just bolstered its balance sheet with a follow-on stock offering, and the terms of that release appear to have been met with approval from current investors. The new shares were priced at $26 per American Depository Receipt, and have already been sold in a series of off-market transactions.
Now what: Most of the extra stock sold came from "certain selling shareholders," and only 10% of the proceeds fell into company coffers. The market reaction looks like a sigh of relief that the secondary offering is over and done with, and no harm done -- hiSoft's cash balance was already quite strong and didn't really need the extra $13 million.
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Fool contributor Anders Bylund holds no position in any of the companies discussed here. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool is investors writing for investors.