Chesapeake Energy took another step this week as part of its January 2021 emergence from its Chapter 11 bankruptcy that was filed one year ago.
The company filed a prospectus with the Securities Exchange Commission for the resale of $1.5 billion of common stock held by certain investors who signed a Registration Rights Agreement in February of this year.
The agreement covers the resale of up to 37,826,511 shares of common stock under various warrants.
“We are registering the offer and sale of the shares of the Common Stock and Warrants owned by the selling stockholders to satisfy registration rights we have granted to the selling stockholders pursuant to a registration rights agreement dated as of February 9, 2021,” stated Chesapeake in the SEC filing.
The company also stated it intends to use any proceeds for general corporate purposes.
Click here for SEC filing.