Icahn Enterprises lower after entering open market sale agreement with Jefferies

Shares of Icahn Enterprises are lower after the company reported earlier in a regulatory filing that on August 26, Icahn Enterprises L.P. entered into an Open Market Sale Agreement with Jefferies as the agent. Pursuant to the terms of the sales agreement, the company may issue and sell the company’s depositary units representing limited partner interests having an aggregate offering amount of up to $400M from time to time through the agent. “Sales of the Depositary Units, if any, may be made in sales deemed to be an “at the market offering” as defined in Rule 415(a)(4) promulgated under the Securities Act of 1933, as amended, including sales made directly on or through the Nasdaq Global Select Market… The Company intends to use any net proceeds from the offering to fund potential acquisitions and for general limited partnership purposes… The Depositary Units are registered under the Securities Act, pursuant to the Company’s shelf registration statement on Form S-3, which was declared effective by the Securities and Exchange Commission on July 26, 2022,” the filing noted. In early Monday morning trading, Icahn Enterprises shares have slid 60c, or 4%, to $15.29.