BKV (BKV) said late Tuesday that it has commenced an underwritten public offering of 9.69 million of common stock.

The underwriters are granted a 30-day option to buy up to an additional 1.5 million shares, the company said.

BKV plans to use proceeds from its portion of the offering for general corporate purposes, including working capital, operating expenses, and capex.

The company's shares fell 3.7% in after-hours trading.