BUZZ-Diversified Energy falls after $123 million stock offering

Oil and gas firm Diversified Energy's DEC.N shares fall 1.2% to $14.83 premarket

DEC late Wednesday priced its stock offering of 8.5 million shares at $14.50 apiece for gross proceeds of about $123.3 million

Offering priced at a 3.4% discount to stock's last close

Co's stock closed down 10.3% at $15.01 on Wednesday after the Birmingham, Alabama-based firm announced the launch of the follow-on offering

DEC plans to use the proceeds to repay a portion of debt expected to be incurred in connection with its $1.28 billion acquisition of oil and gas producer Maverick Natural Resources

Co will have ~59.8 million outstanding shares after the offering, per an SEC filing

DEC stock down 10.7% YTD, after jumping 12% in 2024