Sable Offshore Entered Into Subscription Agreements To Issue 7.50M Shares Of Its Common Stock In A Private Placement To Institutional Investors; Company Expects To Receive Gross Proceeds Of Approximately $150M
Portfolio Pulse from Nabaparna Bhattacharya
Sable Offshore has entered into agreements to issue 7.50 million shares of its common stock in a private placement to institutional investors, expecting to raise approximately $150 million in gross proceeds.
September 20, 2024 | 11:03 am
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Sable Offshore is issuing 7.50 million shares in a private placement, expecting to raise $150 million. This move could dilute existing shares but provides significant capital for the company.
The issuance of 7.50 million shares in a private placement will likely lead to dilution of existing shares, which can negatively impact the stock price in the short term. However, the $150 million raised will provide the company with additional capital, which could be used for growth or debt reduction, potentially benefiting the company in the long term.
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