Shares of First Republic Bank (FRC) are falling more than 31% Friday morning after the company said it has entered into agreement with certain accredited investors for a private placement of equity securities of the Company of about $125 million at $2.25 per share of equivalent securities.
The company plans to use the capital to execute its strategic plan to drive profitability.
FRC, currently at$66.03, has traded in the range of $66.03-$174.21 in the last 1 year.
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