Diamondback Energy Announces Launch Of Secondary Common Stock Offering Of 11.27M Shares Of Common Stock; Diamondback Has Authorized The Purchase From The Underwriters Of 2M Shares Of Common Stock Offered In The Secondary Offering As Part Of Its Existing Repurchase Program
Portfolio Pulse from Benzinga Newsdesk
Diamondback Energy is launching a secondary offering of 11.27 million shares by certain stockholders, with no proceeds going to the company. Diamondback plans to repurchase 2 million shares as part of its existing program.
September 19, 2024 | 8:56 pm
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Diamondback Energy is conducting a secondary offering of 11.27 million shares, with plans to repurchase 2 million shares. This could affect stock liquidity and price.
The secondary offering increases the supply of shares, which could put downward pressure on the stock price. However, the company's plan to repurchase 2 million shares may offset this effect, leading to a neutral short-term impact.
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