Summary
EQT Corporation (EQT) filed an 8-K on June 10, 2010, reporting on the progress of its previously announced acquisition agreements. The company, through its subsidiary EQT Production Company, has completed additional closings representing approximately 10% of the total anticipated acres to be acquired. These recent closings involved a cash payment of $1,798,349 and the issuance of 352,926 shares of EQT common stock. With these latest transactions, EQT has now acquired approximately 90% of the total acres under the agreements. The company anticipates closing on the remaining assets periodically as sellers complete necessary curative actions for Appalachian Basin properties. Future closings will be funded entirely with cash. The shares issued are registered for resale under EQT's existing Form S-3 registration statement, with prospectus supplements filed on April 30, 2010, and June 10, 2010. Lock-up agreements are in place for the issued shares, limiting sales to 10% of the initial closing shares during any 30-day period within the six months following the initial closing.
Key Highlights
- 1EQT Corporation has completed additional closings under acquisition agreements, acquiring approximately 10% of the total targeted acres.
- 2These recent closings involved a cash payment of $1,798,349 and the issuance of 352,926 shares of EQT common stock.
- 3The company has now acquired approximately 90% of the total acres targeted in the acquisition agreements.
- 4Remaining acquisitions will be funded solely by cash.
- 5Issued shares have been registered for resale under EQT's Form S-3 registration statement.
- 6Lock-up agreements restrict the resale of issued shares, limiting sales to 10% of initial shares per 30-day period for six months post-closing.