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Prairie Operating Co. Announces Public Offering of Common Stock
HOUSTON, March 24, 2025 (GLOBE NEWSWIRE) -- Prairie Operating Co. (“Prairie,” the “Company,” “we,” or “our”) (Nasdaq: PROP), an independent oil and gas
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), an independent oil and gas company focused on the acquisition and development of crude oil, natural gas and natural gas liquids, announced today that it has commenced an underwritten public offering of $35.00 million (the “Common Stock Offering”) of shares of its common stock, par value $0.01 (“Common Stock”). The Company expects to grant the underwriters a 30-day option to purchase up to an aggregate value of $5.25 million of additional shares of Common Stock. In addition, the Company also announced today its concurrent registered offering of 150,000 shares of new Series F Convertible Preferred Stock (“Series F Preferred Stock”) pursuant to a separate prospectus supplement (the “Concurrent Preferred Stock Offering”). In connection with the Concurrent Preferred Stock Offering, the Company is also offering the holder of the Series F Preferred Stock to be issued in the Concurrent Preferred Stock Offering warrants (which will be registered together with the Series F Preferred Stock) to purchase additional shares of Common Stock (the “Series F Warrant”) that will be issuable if, on the first anniversary of the date the Series F Preferred Stock is issued by the Company, (i) any of the Series F Preferred Stock is outstanding and (ii) the last reported sale price during any trading day in the 20 trading day period ending on such date was less than 115% of the conversion price of the Series F Preferred Stock. The Company intends to use the net proceeds from the Common Stock Offering, together with the net proceeds from 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. Citigroup is a...