SunTrust Robinson Humphrey, Seaport Global and Euro Pacific assist
By Devika Patel
Knoxville, Tenn., July 17 – Ring Energy, Inc. said the underwriters for its public offering of stock opted to exercise the deal’s $7.76 million greenshoe in part, lifting total proceeds of the offering to $52.9 million. The deal was announced June 17 and priced for $51.75 million with the greenshoe on June 18.
The company sold 4.6 million common shares at $11.50 per share. The price per share is an 11.54% discount to the June 17 closing share price of $13.00. Of the shares, 100,000 were part of the partially exercised greenshoe.
SunTrust Robinson Humphrey, Inc. was the bookrunner.
Proceeds will be used for the company’s planned acquisition of producing wells and leaseholds in Texas and general corporate purposes.
Ring Energy is an oil and gas company based in Redlands, Calif.
| Issuer: | Ring Energy, Inc.
|
| Issue: | Common stock
|
| Amount: | $52.9 million, including $1.15 million greenshoe of 100,000 shares
|
| Shares: | 4.6 million
|
| Price: | $11.50
|
| Warrants: | No
|
| Bookrunners: | SunTrust Robinson Humphrey, Inc.
|
| Co-managers: | Seaport Global Securities LLC and Euro Pacific Capital Inc. (senior), Iberia Capital Partners LLC, Northland Capital Markets, Roth Capital Partners and Ladenburg Thalmann
|
| Announcement date: | June 17
|
| Pricing date: | June 18
|
| Settlement date: | July 17
|
| Stock symbol: | NYSE: REI
|
| Stock price: | $13.00 at close June 17
|
| Market capitalization: | $297.31 million
|
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