HighPeak Energy's stock tumbles after public share offering prices at 18% discount
Shares of HighPeak Energy Inc. (HPK) tumbled 13.8% in premarket trading Wednesday, after the Texas-based oil and gas company announced a public stock offering, which priced at a deep discount. The company announced the offering late Tuesday, then announced the pricing early Wednesday, saying the 12.9 million-share offering priced at $10.50 each. The share amount represented 11.4% of the shares outstanding as of May 5, while the price was 18.4% below the stock's Tuesday closing price of $12.87. The company said it plans to use the proceeds for working capital and to enhance near-term liquidity. The stock has plunged 45.1% over the past three months through Tuesday, while the S&P 500 has tacked on 9.6%.
-Tomi Kilgore
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07-19-23 0824ET
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