By Dean Seal
Shares of Prairie Operating are trading at a 52-week low after the company's public offering was priced at $4.50 a share, below yesterday's closing price.
The stock fell to $4.50 in early trading before bouncing back to a 17% loss at $4.85 midday. Shares were trading at $10.71 this time a year ago.
The oil and natural-gas company said on Monday night that it would offer $38.5 million worth of common stock at $4.50 per share. The stock had closed at $5.86 that day.
Subtracting underwriting discounts, commission and estimated offering costs, the offering should yield $35.4 million in proceeds.
Prairie is also launching an offering of 150,000 shares of new Series F Convertible Preferred Stock.
Proceeds from the two offerings are going to be used to fund the company's purchase of certain oil and gas assets from Bayswater Exploration and Production.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
March 25, 2025 12:48 ET (16:48 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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