Summary
This 8-K filing from Diamondback Energy, Inc. (FANG) on November 13, 2013, details a significant secondary public offering of the company's common stock. The offering involved Gulfport Energy Corporation selling 2,000,000 shares, with an additional 300,000 shares potentially sold due to underwriter's option, at a price of $53.46 per share. Crucially for investors, Diamondback Energy itself will not receive any proceeds from this offering. This transaction is primarily a sale of shares by a major existing stockholder (Gulfport) and does not represent new capital raised by the company. The offering was made under an effective shelf registration statement and was announced via press release.
Key Highlights
- 1Gulfport Energy Corporation is selling 2,000,000 shares of Diamondback Energy common stock in a secondary public offering.
- 2The public offering price for the shares is set at $53.46 per share.
- 3Underwriters exercised their option to purchase an additional 300,000 shares, bringing the total potential shares offered to 2,300,000.
- 4Diamondback Energy, Inc. will NOT receive any proceeds from this offering, as it is a sale by a stockholder.
- 5The offering is being conducted under Diamondback Energy's effective automatic shelf registration statement on Form S-3.
- 6The transaction was announced via a press release on November 6, 2013, detailing the pricing of the offering.
- 7The firm offering closed on November 13, 2013, with an anticipated closing date of November 18, 2013, for the optional shares.