Ovintiv Announces Upsize and Pricing of Offering of 9.4M (Prior $8.4M) Common Stock by a Selling Stockholder at $44.35/ Share
Portfolio Pulse from Benzinga Newsdesk
Ovintiv Inc. (NYSE:OVV) announced the upsize and pricing of an underwritten public offering of its common stock by NMB Stock Trust. The offering size increased from 8.4 million to 9.4 million shares at $44.35 per share, totaling approximately $416.9 million. Ovintiv will not sell any shares nor receive proceeds from this offering. The offering is expected to close on November 22, 2023.
November 21, 2023 | 7:35 am
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Ovintiv Inc. will not receive proceeds from the upsized offering of 9.4 million shares at $44.35 per share by NMB Stock Trust, totaling about $416.9 million. The offering is expected to close on November 22, 2023.
Since Ovintiv is not selling shares nor receiving proceeds from the offering, the direct financial impact on the company is neutral. However, the upsizing indicates potential investor interest in OVV's stock, which could be seen as a positive signal. The confidence level is high due to the clear details provided in the announcement.
CONFIDENCE 90
IMPORTANCE 50
RELEVANCE 100