Press release
CHESAPEAKE ENERGY CORPORATION ANNOUNCES EXPIRATION AND RESULTS OF ITS EXCHANGE OFFERS RELATING TO ITS WARRANTS
OKLAHOMA CITY, Oct. 10, 2022 /PRNewswire/ -- Chesapeake Energy Corporation (NASDAQ:CHK) ("Chesapeake" or the "Company") today announced the expiration and
About this update from Expand Energy Corporation
[{"type":"text","content":"OKLAHOMA CITY, Oct. 10, 2022 /PRNewswire/ -- Chesapeake Energy Corporation (NASDAQ:CHK) (\"Chesapeake\" or the \"Company\") today announced the expiration and results of its previously announced exchange offers (each, an \"Offer,\" and collectively, the \"Offers\") relating to its outstanding (i) Class A warrants (the \"Class A warrants\"), (ii) Class B warrants (the \"Class B warrants\") and (iii) Class C warrants (the \"Class C warrants,\" and together with the Class A warrants and the Class B warrants, the \"warrants\"), each to purchase shares of common stock, par value $0.01 per share, of the Company (\"common stock\"). The Offers expired at 11:59 p.m. (New York City time) on October 7, 2022. \n\n \n \n \n \n \n \n\n \nThe Company has been advised that (i) 4,752,207 Class A warrants (including 44,599 Class A warrants tendered through guaranteed delivery), or approximately 51.4% of the outstanding Class A warrants as of October 7, 2022, (ii) 7,879,030 Class B warrants (including 6,240 Class B warrants tendered through guaranteed delivery), or approximately 64.1% of the outstanding Class B warrants as of October 7, 2022 and (iii) 7,252,004 Class C warrants (including 1,655 Class C warrants tendered through guaranteed delivery), or approximately 64.8% of the outstanding Class C warrants as of October 7, 2022 were validly tendered and not validly withdrawn prior to the expiration of each Offer. Holders of the warrants that were validly tendered and not validly withdrawn prior to the expiration of the Offers will receive the following exchange consideration that was determined over a ten trading day volume-weighted average trading price measurement period pursuant to the Offers for each class of warrants as previously announced: (i) each holder of Class A warrants will receive 0.8636 shares of common stock in exchange for each Class A warrant tendered in the Offers, (ii) each holder of Class B warrants will receive 0.8224 shares of common stock in exchange for each Class B warrant tendered in the Offers and (iii) each holder of Class C warrants will receive 0.7890 shares of common stock in exchange for each Class C warrant tendered in the Offers; provided, however, that if the aggregate number of shares of common stock deliverable to any exchanging holder is not a whole number, then, in lieu of issuing any fractional share of co...