Here's Why Tellurian Shares Are Nosediving

Tellurian Inc TELL shares are trading lower by 11.22% to $4.00 Monday morning after the company announced plans to issue units consisting of senior debt and warrants to buy shares of common stock.

What Else?

Tellurian intends to offer and sell units consisting of 11.25% senior secured notes due 2027 ($1,000 principal amount per note) and warrants to purchase shares of Tellurian common stock in an underwritten public offering.

The company says there can be no assurance as to whether or when the offering may be completed, or as to the size or terms of the offering.

Tellurian intends to use the net proceeds from the offering by contributing them to the Driftwood Project entities to support the construction of the Driftwood Project.

See Also: Bed Bath & Beyond Stock Pops Ahead Of Strategic Update: What Investors Need To Know

According to data from Benzinga Pro, Tellurian has a 52-week high of $6.54 and a 52-week low of $2.23.