Gulfport Energy Corporation announced Wednesday an underwritten public offering of 1.3 million shares of its common stock by certain stockholders.
The Oklahoma City-based energy firm explained the selling stockholders intend to grant the underwriters a 30-day option to buy another 195,000 shares to cover any overallotments.
Gulfport will not sell any shares of its common stock in the offering and will not receive any proceeds from the sale of the shares being offered by the selling stockholders. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, according to the release made by Gulfport.
Gulfport also announced that concurrent with the closing of the offering, it intends to purchase from certain of the selling stockholders approximately $25 million of shares of the company’s common stock at a price per share equal to the per share purchase price to be paid by the public in the public offering of 1.3 million shares.
The Concurrent Repurchase is part of Gulfport’s existing $400 million share repurchase program.
BofA Securities, J.P. Morgan and Evercore ISI are acting as joint book-running managers for the Offering.
Source: Gulfport release