Knight Capital shares plunge as financing deal set
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Knight Capital shares plunge as financing deal set
WASHINGTON (MarketWatch) -- Knight Capital Group Inc. (NYSE:KCG) said in a regulatory filing that investors have agreed to buy $400 million of 2% convertible preferred stock, providing a critical lifeline for the Jersey City, N.J.-based market-maker. The preferred can be converted into about 267 million shares of Knight Capital common stock, prompting pre-open selling in the shares on the New York Stock Exchange. The identity of the investors wasn't immediately available. Knight, which ran into trouble last week when a software glitch disrupted trading activities that cost the company $440 million on a pretax basis, said it expects to consummate the transaction later Monday morning.
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