- Eneti Inc NETI priced its public offering of ~19.44 million shares of its common stock at $9.00 per share. The offering price represents a ~12% discount to the company's November 11 closing price of $10.20.
- Scorpio Holdings Limited has agreed to purchase ~3.67 million shares at the public offering price as part of the offering. Additionally, the company's President Robert Bugbee agreed to purchase 222,222 shares, and a non-executive director decided to buy 11,111 shares.
- The company has granted the underwriters a 30-day option to purchase up to an additional 2.91 million shares.
- The offering will result in gross proceeds of ~$175 million and is expected to close on November 15, 2021.
- The company plans to use the offering net proceeds for general corporate purposes, including funding the wind turbine installation vessel newbuilding program consisting of one contracted newbuilding vessel, one optional newbuilding vessel, and one proposed Jones Act compliant newbuilding vessel.
- Price Action: NETI shares are trading lower by 11.2% at $9.06 during the premarket session on Friday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in