Ring Energy Prices 44.4M Shares at $1.35 to Raise $60M
REI•Ring Energy priced 44,444,445 shares at $1.35 per share generating about $60 million gross proceeds and granted underwriters a 30-day option for 6,666,666 more shares. Net proceeds will repay senior secured revolving credit borrowings, with any remainder allocated to general corporate purposes.
1. Offering Pricing and Size
Ring Energy offered 44,444,445 common shares at $1.35 each in an underwritten public offering, targeting gross proceeds of approximately $60 million before underwriting discounts, commissions and expenses.
2. Underwriter Option
The company granted the underwriters a 30-day option to purchase up to an additional 6,666,666 shares on the same terms, potentially increasing the gross proceeds if exercised.
3. Use of Proceeds
Ring Energy intends to use net proceeds primarily to repay outstanding borrowings under its senior secured revolving credit facility, with any remaining funds directed toward general corporate purposes.
4. Closing and Managers
The offering is expected to close on or about May 14, 2026, subject to customary closing conditions, with Mizuho, BofA Securities and Raymond James serving as book-running managers and additional firms acting as co-managers.
