Shares of Penn National Gamin slumped 5.1% in premarket trading Thursday, after the online gaming company said it has launched a public offering of 14 million shares of its common stock.

The offering represents about 10.2% of the approximately 137.6 million shares outstanding.

In addition, the Company has granted the underwriters a 30-day option to purchase up to 2,100,000 of additional shares of its common stock at the public offering price less the underwriting discount in the Offering.

The Company expects to use the net proceeds from the Offering for general corporate purposes, which may include, among other things, investments in long-term growth initiatives, its brick and mortar properties and its omni-channel strategy. Subject to the satisfaction of customary conditions, the Offering is expected to close on September 29, 2020.