(Updates with share price movement in the headline and first paragraph.)
Prairie Operating (PROP) was trading about 10% lower Tuesday, a day after the oil and gas producer priced a $38.5 million public offering of common shares at $4.50 apiece.
The underwriters have been granted a 30-day option to purchase up to $5.8 million in additional shares.
Prairie has also entered an agreement to issue 150,000 shares of new series F convertible preferred stock to an investor for an undisclosed amount.
Net proceeds of about $35.4 million, or $40.8 million if the overallotment option is exercised in full, together with proceeds from the private placement of preferred stock will be used to help fund its pending Baywater acquisition, and for general corporate purposes, the company said.
Price: 5.30, Change: -0.57, Percent Change: -9.64
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