Why Gulfport Energy (GPOR) Shares Are Nosediving

Gulfport Energy Corp GPOR shares are trading lower by 8.97% to $98.20 Thursday morning after the company announced pricing of an offering of common stock by selling shareholders.

The company on Wednesday announced the pricing of an underwritten public offering of 1,300,000 shares of common stock at $95.00 per share. The offering is expected to close on June 26.

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Concurrently, the company plans to purchase approximately $25 million of its common stock from certain selling stockholders at the same price.

According to data from Benzinga Pro, GPOR has a 52-week high of $109.94 and a 52-week low of $60.15.