Sable Offshore (SOC) said late Thursday it is planning to redeem all of its outstanding warrants to buy shares of its common stock that it issued with Equiniti Trust under the warrant agreement on Feb. 24, 2021, for a redemption price of $0.01 per public warrant.
The warrants are part of the shares the firm sold in its initial public offering and that remained outstanding through Nov. 4, the company said.
The warrants will stop trading on the New York Stock Exchange on Oct. 31 at 5 pm ET. Warrant holders can redeem their warrants at an exercise price of $11.50 apiece on Nov. 4, the redemption date, according to the company.
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