Hallador Energy slides on $50 mln stock offering

Hallador Energy's HNRG.O shares down 8% before the bell to $18.98 after $50 mln follow-on prices

Terre Haute, Indiana-based electricity and coal producer sells ~2.8 mln shares at $18

Offering price is 12.7% discount to stock's last close

Co intends to use net offering proceeds for general corporate purposes, including funding certain initial financial commitments to reserve equipment necessary to support its additional natural gas generating facility

Board members Zarrell Gray and Charles R. Wesley, IV indicated interest to buy up to $1.25 mln each of offering shares, per the prospectus

Texas Capital Securities sole bookrunner

Co has ~43.8 mln shares outstanding for roughly $900 mln market cap

Through Tues close, shares gained roughly 75% over the past year

3 analysts rate the stock "buy", 1 has "hold"; median PT $27, per LSEG data