Source: E*Trade Financial
E*Trade Financial Corporation (NASDAQ: ETFC) today announced that Citadel Equity Fund Ltd. and Wingate Capital Ltd., affiliates of Citadel Investment Group, intend to offer, subject to market and other conditions, 170 million shares of its common stock pursuant to a shelf registration statement filed with the Securities and Exchange Commission.
The selling stockholders also intend to grant the underwriters an option to purchase up to an additional 25.5 million shares of common stock to cover over-allotments, if any.
E*TRADE will not receive any proceeds from the proposed offering.
BofA Merrill Lynch, Sandler O'Neill & Partners, L.P. and Citadel Securities LLC are the joint book-running managers of this offering.