Kinetik Prices Secondary Offering Of 11,373,801 Common Stock At $33.75/Share
Portfolio Pulse from Benzinga Newsdesk
Kinetik Holdings Inc. (NYSE:KNTK) announced a secondary offering of 11,373,801 shares at $33.75 each by Apache Midstream LLC, a subsidiary of Apache Corporation. Kinetik will not sell any shares nor receive proceeds from the sale. The underwriters have an option to buy an additional 1,706,070 shares. Kinetik's CEO will purchase 14,814 shares at the offering price.
March 14, 2024 | 7:36 am
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Kinetik Holdings Inc. is involved in a secondary offering of its shares by Apache Midstream LLC, but will not receive any proceeds from the sale.
Although Kinetik is directly involved in the secondary offering, it will not benefit financially from the sale as it is not selling any shares nor receiving proceeds. This neutral impact is due to the lack of direct financial benefit to Kinetik, balanced by the CEO's purchase signaling some level of confidence in the company's stock.
CONFIDENCE 90
IMPORTANCE 60
RELEVANCE 80