RTTNews | Jul 12, 2021 05:54PM EDT

17:54 Monday, July 12, 2021 (RTTNews.com) - Shares of Two Harbors Investment Corp. (TWO) slipped 8% in extended trading session after the company announced offering of 40 million shares.

TWO closed Monday's regular trading at $7.33, on the NYSE. The stock, however, the stock slipped $0.60 or 8.19%, in the after-hours trade. The stock has traded between $4.74 and $8.15 in the 52 weeks period.

The real estate investment trust announced that it has commenced an offering of 40 million common shares. The company expects to grant the underwriters a 30-day option to purchase up to an additional 6 million shares.

The company intends to use the proceeds from the offering to purchase its target assets, including residential mortgage-backed securities, mortgage servicing rights and other financial assets.

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