Sable Offshore Corp. (NYSE: SOC) has just announced the upsize and pricing of its public offering of common stock. The company increased the size of the offering from the previously announced $200.0 million to 8,695,654 shares of common stock at a price to the public of $29.50 per share. This upsize in the offering is expected to result in gross proceeds of approximately $256.5 million, excluding any exercise of the underwriters’ option to purchase additional shares.
The company also granted the underwriters a 30-day option to purchase up to an additional 1,304,346 shares of common stock at the public offering price. The offering is expected to close on May 23, 2025, subject to customary closing conditions.
The net proceeds from the offering are intended to be used for capital expenditures, working capital purposes, and general corporate purposes.
J.P. Morgan, Jefferies, and TD Cowen are acting as joint book-running managers and representatives of the underwriters, while The Benchmark Company, Johnson Rice & Company, Pickering Energy Partners, Roth Capital Partners, and Tuohy Brothers are acting as co-managers.
The registration statement on Form S-3 relating to this offering was declared effective by the Securities and Exchange Commission (SEC) on May 1, 2025. The final terms of the offering will be disclosed in the final prospectus supplement, which will be filed with the SEC and made available on their website.
Sable Offshore Corp. is an independent oil and gas company headquartered in Houston, Texas, focused on responsibly developing the Santa Ynez unit in federal waters offshore California. As a result of these announcements, the company's shares have moved -0.59% on the market, and are now trading at a price of $32.10. Check out the company's full 8-K submission here.
