Prairie Operating Co. (PROP) said late Monday it has priced an underwritten public offering of $38.5 million shares of common stock at $4.50 per share.

The underwriters have been granted a 30-day option to purchase up to $5.8 million in additional shares.

Net proceeds, estimated to be about $35.4 million to $40.8 million, will be used to help fund its pending Baywater acquisition, and for general corporate purposes, the company said.

Closing of the offering is expected to occur on March 26, subject to customary closing conditions.