FALLS CHURCH, Va. The credit card company Capital One Financial Corp. raised $400 million through a secondary stock offering Thursday, but the shares, priced at $62 each, were already trading lower Friday.
J.P. Morgan Chase & Co. bought the 6.5 million new shares and is expected to resell them to investors. The new shares traded as low as $60.69 on Friday morning and closed at $61.4375.
Capital One said in a news release that this is its first new-stock issuance since its 1994 initial public offering. It said it will use the sales proceeds to support future growth and for general corporate purposes.
The sale is expected to close Tuesday.