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Update: Magnolia Oil & Gas Shares Drop After Share Offering Priced at $23.75 Apiece

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(Updates with recent stock movement in headline and first paragraph.)

Magnolia Oil & Gas (MGY) shares dropped over 2% in afternoon trading on Tuesday after the company said late Monday it priced its underwritten public offering of 46.3 million class A shares at $23.75 per share.

Underwriters have a 30-day option to purchase up to an additional 6.9 million shares, Magnolia Oil & Gas said.

The offering is expected to close on Wednesday, subject to customary closing conditions.

Net proceeds, together with proceeds from a concurrent senior notes offering, borrowings under its revolving credit facility and cash on hand will be used to fund the cash consideration for its acquisition of WildFire Intermediate.

Price: $25.05, Change: $-0.48, Percent Change: -1.88%

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