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Prairie Operating Co. Announces Pricing of Common Stock Offering
HOUSTON, March 24, 2025 (GLOBE NEWSWIRE) -- Prairie Operating Co. (“Prairie,” the “Company,” “we,” or “our”) (Nasdaq: PROP) announced today the pricing of an
About this update from Prairie Operating Co.
[{"type":"text","content":"HOUSTON, March 24, 2025 (GLOBE NEWSWIRE) -- Prairie Operating Co. (“Prairie,” the “Company,” “we,” or “our”) (Nasdaq: PROP) announced today the pricing of an underwritten public offering of $38.5 million (the “Common Stock Offering”) of shares of its common stock, par value $0.01 (“Common Stock”) at a price to the public of $4.50 per share. The underwriters have a 30-day option to purchase up to an aggregate value of $5.8 million of additional shares of Common Stock. Net proceeds to Prairie from the sale of the $38.5 million of shares of its common stock, after the underwriting discount and commissions and estimated offering expenses, will be approximately $35.4 million (or $40.8 million, if the underwriters exercise their option in full). The Company intends to use the net proceeds from the Common Stock Offering, together with the net proceeds from its previously announced concurrent registered offering of 150,000 shares of new Series F Convertible Preferred Stock and certain warrants (the “Concurrent Preferred Stock Offering”), to fund a portion of the purchase price for the Company’s proposed acquisition of certain oil and gas assets from Bayswater Exploration and Production and certain of its affiliates (the “Bayswater Acquisition”). The Company intends to use any remaining net proceeds from the Common Stock Offering and the Concurrent Preferred Stock Offering, including any net proceeds from the underwriters’ exercise of their option to purchase additional shares, for other general corporate purposes, which may include advancing the Company’s development and drilling program, repayment of existing indebtedness or financing other potential acquisition opportunities. The Common Stock Offering is expected to close on March 26, 2025, subject to customary closing conditions. Citigroup is acting as lead book-running manager for the Common Stock Offering. KeyBanc Capital Markets Inc., Truist Securities, Inc., MUFG Securities Americas Inc., and Piper Sandler & Co. are also acting as joint book-running managers. Roth Capital Partners, Clear Street LLC, Johnson Rice & Company L.L.C., and Pickering Energy Partners are acting as co-managers. The Common Stock Offering is being made pursuant to a shelf registration statement on Form S-3, including a base prospectus, which was filed with the U.S. Securities and Exchange Commission (the “S...