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Ring Energy Shares Drop Pre-Bell Following Pricing of $60 Million Offering

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Ring Energy (REI) shares were down 18% in premarket activity Wednesday after the company overnight said it priced a public offering of about 44.4 million common shares at $1.35 apiece, targeting $60 million in gross proceeds.

Underwriters have a 30-day option to purchase up to 6.7 million additional shares, the company said late Tuesday.

Ring Energy expects the offering to close by Thursday and plans to use the net proceeds to repay borrowings under a senior secured revolving credit facility and for general corporate purposes.

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