Why Fidelis Insurance Holdings Plunged This Week

On Monday, May 20, Fidelis announced it would offer 9 million shares to the public in a large block sale, good for about 7.7% of the company's total outstanding shares. Then, on Wednesday, the company announced a $16.00 per share sale price for the block, well below the$18.50 stock price to begin the week and below Fidelis' book value per share of $21.22 as of last quarter. Needless to say, the share sale at such a low valuation of just 75% of book value was probably disappointing to shareholders, or perha ...