BUZZ-Uranium Energy drops on pricing $204 mln stock offering

Reuters
10/03
BUZZ-<a href="https://laohu8.com/S/UEC">Uranium</a> Energy drops on pricing $204 mln stock offering

Updates with pricing details

** Uranium Energy's UEC.A shares down 4.2% at $13.11 early Fri after follow-on priced

** Corpus Christi, Texas-based UEC says it sold 15.5 mln shares at $13.15, which equates to about $203.8 mln gross proceeds

** Offering priced at 3.9% discount to stock's last sale on Thurs

** Co intends to use net offering proceeds to accelerate development of a new, American uranium refining and conversion facility, and for other purposes

** Goldman Sachs is sole underwriter

** On Sept 2, UEC announced the launch of the facility through its wholly-owned subsidiary, United States Uranium Refining & Conversion Corp

** UEC, which has three hub and spoke platforms in South Texas and Wyoming, didn't disclose the site for the new facility

** With ~465.3 mln shares outstanding as of Oct 3, per the prospectus, co has about $6.4 bln market cap through Thurs

** Even the decline on Fri, shares have roughly doubled YTD. Stock hit record intra-day high of $15.05 on Sept 24

** 7 of 8 analysts rate the stock "buy" and 1 rates "hold"; median PT is $15.75, according to LSEG data

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))

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