Crescent Energy Co. shares were down 10%, to $15.12, after the company said it has begun an underwritten public offering of 5 million common shares.
The company said the stock is being offered by Independence Energy Aggregator LP, the direct beneficial owner of the shares being offered and the entity through which certain unaffiliated limited partners and affiliated entities hold their interests in the company and its Crescent Energy OpCo LLC subsidiary.
Crescent Energy won’t sell any shares in the offering, and won’t receive any proceeds.
The selling stockholder expects to grant the underwriters a 30-day option to purchase up to an additional 750,000 shares at the public offering price.
Concurrent with the closing of the offering, the company intends to buy from PT Independence Energy Holdings LLC 2.23 million units of Crescent Energy OpCo LLC.
The offering of stock is not conditioned upon the completion of the OpCo unit purchase, but the OpCo unit purchase is conditioned upon the completion of the offering.