So, here's a classic market move: a company announces it's selling a bunch of new shares, and its existing stock price takes a hit. That's what happened to Whirlpool Corp (WHR) on Monday after the bell.

The appliance maker said it launched separate, concurrent underwritten public offerings for its common stock and depositary shares. The goal? To raise a total of about $800 million. The underwriters also get a 30-day option to buy even more shares, which could bump that total up a bit.

Now, why would a company do this? Whirlpool says it plans to use the fresh cash for a couple of things. First, to pay back some of the money it owes under its revolving credit facility. Second, for general corporate purposes, which includes strategic investments in things like vertical integration and automation. In other words, they want to own more of their supply chain and use more robots.

It's worth noting that, as of December 31, 2025, Whirlpool had $699 million in cash and equivalents sitting on its balance sheet. So this offering is about raising additional capital for specific plans, not necessarily a sign of desperation.

But the market often reacts to news of a share sale with a bit of a frown. The thinking goes: more shares outstanding means each existing share represents a slightly smaller piece of the company. It can also signal that management thinks the current stock price is a good level to raise money at, which isn't always what shareholders want to hear if they were hoping for higher prices.

The reaction was pretty clear. After the announcement, Whirlpool shares were down 8.48% in after-hours trading, slipping to $76.19.