Focus Financial Partners (FOCS) shares fell about 3% on Tuesday after the provider of wealth management services filed for a shelf registration.
The company said in a regulatory filing after markets closed on Friday the shelf registration covers shares of class A common stock, preferred stock, depositary shares, warrants, subscription rights, and units.
Focus said it may use the net proceeds from the sale of securities for additions to working capital, repayment or refinancing of existing indebtedness or other corporate obligations, financing of capital expenditures and acquisitions and investment in existing and future projects.
Focus said it will not receive any proceeds from the sales of its class A common stock by any selling stockholders.
US stock markets were closed on Monday for Labor Day.