By Chris Wack
U.S. Energy shares were down 10% to $3.42 after its underwritten public offering of 4.2 million shares priced at $2.65 a share.
The stock hit its 52-week high of $6.40 on Tuesday, and is up 222% in the past 12 months.
The Houston company said it expects to see proceeds of $10.5 million, and has granted the underwriters an overallotment of 635,400 shares.
The offering is expected to close Thursday.
U.S. Energy plans to use the proceeds of the offering to fund growth capital for its industrial gas development project, including new industrial gas wells and processing plant and equipment, and to support upcoming operations.
In the event the underwriters exercise any portion of the over-allotment, the additional proceeds received by the company may be used to buy shares of common stock from Sage Road Capital, a related party, or its affiliates at a price equal to the offering price received by the company.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
January 22, 2025 09:57 ET (14:57 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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