Atlas Energy Solutions Inc. (AESI) saw its shares plummet 5.28% in the pre-market trading session on Friday, following the company's announcement of a $264.5 million stock offering late Thursday.
The offering involved the sale of 11.5 million common shares at $23 per share, representing an 8.1% discount to the previous day's closing price. The underwriters were also granted a 30-day option to purchase up to an additional 1.7 million shares.
According to the company, the net proceeds from the offering will be used to fund AESI's pending acquisition of Moser Engine Service, a distributed power provider. The remaining funds will be utilized for debt repayments and general corporate purposes.
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