The announcement of a public offering of 2.1 million shares by Riley Exploration Permian, Inc. (REPX) is likely to have a short-term negative impact on its stock price due to the potential dilution of existing shareholders' equity. The offering is substantial, with 700,000 shares being offered by the company itself and 1.4 million shares by certain stockholders, indicating a significant increase in the company's public float. This dilution often leads to a decrease in stock price in the short term as the market adjusts to the increased supply of shares.