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Why Macquarie Infrastructure Corporation (MIC) stock is gloomy today?

Macquarie Infrastructure Corporation (MIC) stock was gloomy in premarket today on October 8, 2021. MIC stock price saw a huge downtrend of 91.13% to drop at $3.61 a share at the time of this writing. The stock was green in the previous trade and went up by 0.05% at closing.  Let’s deep dive to explore more of it.


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What’s Happening?

Investors are curious to know the reason behind the falling MIC stock price, but the reality is somewhat different. There is no major culprit behind this huge fall as no announcement or any specific news is supporting this bearish sentiment. Sometimes announcement of legal actions against the company results in the per-share price decline but this fact is not supporting the current situation of MIC stock.

Investors in the social media platforms are relating this drop with the dividend payment by the company as they sold most of their business. Let’s discuss recent events to get more insight of it.

Sale of Atlantic Aviation by MIC stock:

About half a month ago, MIC stock did announce the closing of Atlantic Aviation business sale to KKR for $4.475 billion. It also included approximately $1.0 billion assumed debt. MIC stock signed the agreement to sell Atlantic Aviation on June 7, 2021. The members of its board of directors did authorize the distribution of $37.386817 per unit payable October 7, 2021, to holders of record on October 4, 2021.

Repurchasing of Convertible Senior Notes Due 2023:

On September 23, 2021, Macquarie stock did announce the repurchasing offer pursuant to which it would buy all any and all of its 2.00% Convertible Senior Notes due 2023 at par plus accrued interest. The stock had Notes Outstanding balance of $34,039,000 as of September 23, 2021.

Corporate Reorganization:

On September 22, 2021, Macquarie stock did announce the completion of a corporate reorganization that was previously approved. As a result, Macquarie Infrastructure Corporation became the subsidiary of Macquarie Infrastructure Holdings, LLC.

Macquarie Infrastructure Corporation’s shareholders became the unitholders of Macquarie Infrastructure Holdings, LLC on a one-for-one basis without certificate change.

Conclusion:

Things are not going well for IMC stock as far as market sentiment is concerned. The stock has sold most of its business. Now it will become tough for this stock to regain its previous position after this huge fall but no one can exactly predict what will be the future as the stock market is very unpredictable. In a nutshell, investors must be cautious before adding this stock to their portfolio.

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