Kinetik Selling Stockholder Announces Pricing of Upsized Secondary Offering of 6.5M (Prior 6.0M) Common Stock at $31.50/Share
Portfolio Pulse from Benzinga Newsdesk
Kinetik Holdings Inc. (NYSE:KNTK) announced the pricing of an upsized secondary offering of 6.5 million shares of Class A common stock at $31.50 per share by Apache Midstream LLC, a subsidiary of Apache Corporation. The offering was increased from 6 million shares due to strong demand. Kinetik will not receive any proceeds from the sale, and certain officers and directors, including the CEO, will purchase 63,492 shares at the offering price.
December 12, 2023 | 7:27 am
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NEUTRAL IMPACT
Kinetik Holdings Inc. is not selling any shares nor receiving proceeds from the secondary offering, indicating a neutral impact on the company's financial position.
Although the secondary offering is upsized, Kinetik Holdings Inc. is not directly benefiting financially as it is not the selling party. The neutral score reflects that there is no immediate financial impact on Kinetik, but investor perception of increased liquidity or potential dilution could influence the stock price.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 70