Crescent Energy Co., also referred to as CRGY, has announced the pricing of a public offering which is underwritten. It will offer 12 million shares of its Class A common stock at a price of $10.50 per share to the public. Independence Energy, an aggregator, is making these common stocks available.
It is important to note that Crescent Energy will not sell any of its own common stock during this offering and therefore will not receive any profits from the sales.
As part of the deal, the selling stockholder has given the underwriters the option to purchase up to an extra 1.8 million common stocks, at the public offering price minus underwriting discounts and commissions. This option can be exercised within 30 days.
The offering is set to close on the 11th of March, 2024.
In addition to this, Crescent Energy has committed to purchasing 2 million units of Crescent Energy OpCo LLC from the selling stockholder. The price will be equivalent to the price at which the underwriters buy the shares of common stock in the offering. Additionally, corresponding shares of the company's Class B common stock will be canceled.
After the regular trading closed on Wednesday, CRGY's share price ended at $11.28, which was down by $0.65 or 5.45%. In the after-hours trading, the stock price fell further by $0.07 or 0.62%.
