Sable Offshore (SOC) said late Wednesday it priced an underwritten public offering of about 8.7 million common shares at $29.50 per share for expected gross proceeds of $256.5 million.
The underwriters have been granted a 30-day option to purchase up to 1.3 million additional shares.
Net proceeds will be used for capital expenditures, working capital and general corporate purpose, the company said.
The offering, which has been upsized from $200 million, is expected to close on Friday, subject to customary conditions.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.