(Bloomberg) – Super Micro Computer Company. The company has postponed the expected pricing of the 2 million share sale until after the market closes in New York, according to people familiar with the matter.
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Goldman Sachs Group Inc., the sole underwriter for the stock sale, has informed potential investors of an updated timeline regarding pricing of the deal, the people said. Pricing was scheduled to take place before Super Micro shares begin trading on Wednesday, the people said.
Bloomberg News reported that the company offered to sell two million shares at a price ranging from $900 to $1,000.68 per share, in a public offering that could raise up to $2 billion. The sale is now considered a so-called market transaction, and depending on investor demand, the shares will likely be priced outside the previously suggested range, the people said.
Read more: Super Micro seeks to sell up to $2 billion worth of shares after rally
Shares of Super Micro fell as much as 13.8% on Tuesday after the stock sale was announced. They are down about 8.7% as of 2:16 PM New York time.
The sale delay was first reported by The Wall Street Journal.
No final decisions have been made yet, and details of the share sale, such as the offering price and timing, may change, said the people, who requested anonymity because the information is not public. Representatives for Super Micro and Goldman Sachs did not immediately respond to requests for comment.
The computer server maker has been on a tear in the stock market lately, riding the wave of artificial intelligence enthusiasm for gains of nearly 1,000% over the past 12 months, achieving a market value of $56 billion. Its shares, whose recent rise has outpaced even those of Nvidia Corp, have just been added to the S&P 500, confirmation of their rise to the big leagues and exposure to an ever-larger base of investors.
The underwriter will have a 30-day option to purchase up to an additional 300,000 shares of Super Micro common stock, the company said in a statement on Tuesday.
-With assistance from Molly Schuetz.
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