Sable Offshore Starts $200 Million Share Offering; Shares Drop

MT Newswires Live

05/22

Sable Offshore (SOC) said Wednesday that it launched a public offering of $200 million of its common shares.

The company will also grant the underwriters an option to buy up to an additional $30 million shares.

The oil and gas company said it plans to use the proceeds for capital expenditures, working capital purposes and general corporate purposes.

Shares of the company were down 6% in recent after-hours activity.

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