Chesapeake Utilities Corporation (NYSE: CPK) has announced the establishment of an at-the-market equity offering program (ATM program), allowing the company to sell shares of its common stock with an aggregate sales price of up to $100,000,000. The company has entered into an equity distribution agreement with several sales agents for this program.
Chesapeake Utilities intends to use the proceeds from the sales for general corporate purposes, including financing of capital expenditures, repayment of short-term debt, financing acquisitions, investing in subsidiaries, and general working capital purposes.
The shares will be offered under the company’s existing shelf registration statement on Form S-3ASR (file no.: 333-274284) filed with the Securities and Exchange Commission (SEC). Potential investors are advised to review the prospectus and prospectus supplement for comprehensive information about Chesapeake Utilities and the offering.
This press release does not constitute an offer to sell or the solicitation of an offer to buy, and no sale of these securities will occur in any state or other jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction. Following these announcements, the company's shares moved 1.5%, and are now trading at a price of $132.32. For more information, read the company's full 8-K submission here.
