Ring Energy Shares Drop Pre-Bell Following Pricing of $60 Million Offering
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Ring Energy (REI) shares fell 18% in premarket trading after announcing a public offering of approximately 44.4 million common shares at $1.35 each, aiming for $60 million in gross proceeds. The underwriters have a 30-day option to buy an additional 6.7 million shares. The offering is expected to close by Thursday, with proceeds intended for repaying borrowings under a senior secured revolving credit facility and for general corporate purposes.
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