Two Harbors Investment Corp., a real estate investment trust that invests in MBS, on Friday cancelled an additional public offering of 14 million shares of common stock.
The Minnetonka, Minn.-based REIT said the pricing would have resulted in an unacceptable dilution of book value to existing shareholders.
The cancellation came just one day after the company declared its registration statement (filed on March 18) effective.
Two Harbors, which trades on the NYSE Amex, closed on April 15 at $8.75 per share. In late morning trading on April 16 (after the cancellation was announced), it was trading up to $9.20 per share.