FPS News & Events

Forgent Power Solutions announced the pricing of a public offering of its Class A common stock at a public offering price of $29.50 per share. The offering consists of 20,688,874 shares of Class A common stock being offered by parent entities of the Company controlled by Neos Partners and 9,311,126 shares of Class A common stock being offered by Forgent. In addition, the Selling Stockholders and the Company granted the underwriters a 30-day option to purchase up to an additional 3,027,921 shares and 1,472,079 shares, respectively, of Class A common stock at the public offering price, less underwriting discounts and commissions. Forgent will not receive any proceeds from the sale of shares by the Selling Stockholders and the net proceeds Forgent receives from the sale of its shares will be used to redeem interests in an operating subsidiary held by certain existing equity owners controlled by Neos Partners, LP. The operating subsidiary will bear or reimburse the Company for all of the expenses of the offering. The closing of the offering is expected to occur on March 30, subject to customary closing conditions. Goldman Sachs & Co., Jefferies and Morgan Stanley are acting as joint lead book-running managers for the offering. J.P. Morgan, BofA Securities and Barclays are acting as bookrunners for the offering. TD Cowen, MUFG, Wolfe Nomura Alliance, KeyBanc Capital Markets, Oppenheimer & Co. and Stifel are acting as passive bookrunners for the offering.

Skepticism crept into the "pathway to Iranian conflict offramp" narrative that boosted risky assets on Monday, and stocks fell on Tuesday, with Communication Services and Tech - particularly software names - suffering some of the bigger losses.  Tuesday evening, however, Israeli media reported that US negotiators are seeking a one-month ceasefire with Tehran as the two sides hammer out a status quo amenable to both administrations - the White House is hoping to secure promises of commitment from Tehran not to develop a nuclear arsenal or to support rogue militias in exchange for helping the country develop a nuclear program for energy use.  Separately, the WSJ also reported that mediators from Turkey, Egypt and Pakistan are working to secure a dialogue between Tehran and Washington.  S&P 500 futures reopened up 0.7% on the latest developments while WTI Crude Oil retreated further below $89 per barrel.Among notable movers afterhours, Braze spiked 20% after the company's better than expected Q4 revenue with above-consensus top-line guidance.  KB Home, however, was lower after a Q1 earnings miss, with homes delivered falling 14% from last year and average selling price compressing to $452,100, from $500,700, sending housing gross margins down to 15.5% from 20.3%.Check out this evening's top movers from around Wall Street, compiled by The Fly.HIGHER AFTER EARNINGS -Brazeup 20.1%Paysignup 2.7%ALSO HIGHER -Robinhood Marketsup 1.9% after announcing $1.5B buybackDOWN AFTER EARNINGS -Abscidown 14.1%Velo3Ddown 9.3%KB Homedown 4.2%Worthington Enterprisesdown 2.6%GameStopdown 0.2%ALSO LOWER -Forgent Power Solutionsdown 10.6% after equity offeringDigitalOcean Holdingsdown 8.4% after equity offering

Forgent Power Solutions announced a public offering of its Class A common stock. The offering consists of 20.69M shares of Class A common stock being offered by parent entities of the company controlled by Neos Partners and 9.31M shares of Class A common stock being offered by Forgent Forgent will not receive any proceeds from the sale of shares by the selling stockholders and the net proceeds Forgent receives from the sale of its shares will be used to redeem interests in an operating subsidiary held by certain existing equity owners controlled by Neos Partners. The operating subsidiary will bear or reimburse the company for all of the expenses of the offering. Goldman Sachs & Co., Jefferies and Morgan Stanley are acting as joint lead book-running managers for the proposed offering. J.P. Morgan, BofA Securities and Barclays are acting as bookrunners for the proposed offering.