EDEN PRAIRIE, MN — In anticipation of greater demand for its stock, Life Time Fitness filed a shelf registration in late August to offer 1.5 million shares of its common stock.
On Aug. 24, the Eden Prairie, MN-based company became included on the S&P MidCap 400 Index, the reason for the anticipated increase in stock demand. Life Time is traded on the New York Stock Exchange under the LTM symbol.
The company also is offering an additional 225,000 shares for the underwriter's over-allotment option, which may be exercised within 30 days.
Life Time shares fell from a close at $56.14 on Aug. 22 to a close of $54.88 on Aug. 23, the date of the announcement. However, on Aug. 24, shares rose to close at $55.50. Volume increased on Aug. 24 to 2,026,200 compared to 842,700 the day before. The company priced the stock at $55.40 per share, which would equate to $82.8 million in net proceeds.