Summary
Duke Energy Corporation (DUK) announced on November 10, 2022, the establishment of an at-the-market equity distribution program allowing for the offer and sale of up to $1.5 billion of its common stock. This program is facilitated through various sales agents and may involve forward sale agreements with forward purchasers. Investors should note that while the company may offer shares through this program, the actual proceeds received will depend on the settlement of forward sale agreements. The company may not receive immediate proceeds from borrowed shares sold by forward sellers, and the ultimate proceeds could be impacted by cash or net share settlements. This initiative provides Duke Energy with flexibility to access equity capital as needed over time.
Key Highlights
- 1Duke Energy established an at-the-market equity distribution program for up to $1.5 billion of common stock.
- 2The program allows for the offering and sale of shares over time and from time to time.
- 3The company may enter into forward sale agreements with forward purchasers as part of this program.
- 4Proceeds from the sale of borrowed shares by forward sellers are not received directly by Duke Energy.
- 5Duke Energy expects to receive proceeds upon future physical settlement of forward sale agreements.
- 6The company may not receive proceeds, or may owe cash/shares, if forward sale agreements are cash or net share settled.
- 7Sales can be made through negotiated transactions, 'at-the-market' offerings, or directly on the NYSE.