Permian Resources Corp. (PR) announced the commencement of an underwritten public offering of 51,765,000 shares of its Class A Common Stock at $0.0001 per share on Monday.
The company clarified that it will not sell any Class A common stock shares in this offering and will not receive any proceeds from it.
These shares are owned by specific affiliates of EnCap Investments L.P., NGP Energy Capital Management L.L.C., Pearl Energy Investments, Riverstone Investment Group LLC, and a particular member of the Company's Board of Directors.
Simultaneously, as the offering is finalized, the Company intends to purchase 1,800,000 common units of Permian Resources Operating, LLC from designated Selling Stockholders. This purchase, referred to as the "Concurrent OpCo Unit Purchase," will involve paying the same price per unit as the underwriter paid for Class A common stock shares in the offering. Furthermore, the Company will cancel a corresponding amount of its Class C Common Stock shares held by these Selling Stockholders.
The company mentioned that the offering of Class A common stock is not dependent on the completion of the Concurrent OpCo Unit Purchase; however, the completion of the offering is a prerequisite for the Concurrent OpCo Unit Purchase.
The proposed offering is made in accordance with a registration statement previously submitted by the Company to the SEC, which automatically became effective upon filing on November 8, 2023.
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