EnerVest Proposed Block Trade of 7,500,000 Shares of Class A Common Stock of Magnolia
Magnolia Oil & Gas Corporation (NYSE: MGY) announced a proposed underwritten block trade of 7,500,000 shares of Class A common stock, managed by J.P. Morgan Securities LLC. Magnolia will not sell any shares in this offering and will not receive proceeds from it. Concurrently, the company plans to purchase 3,000,000 shares of its Class B common stock from Selling Stockholders, contingent upon the completion of the offering. Post-transaction, the Selling Stockholders will hold approximately 31.5% of Magnolia's outstanding shares.
- Magnolia plans to acquire 3,000,000 shares of its Class B common stock, signaling confidence in its equity structure.
- The concurrent offering of 7,500,000 shares suggests robust interest from market players.
- None.
Magnolia Intention to Purchase 3,000,000 Shares of Class B Common Stock from
In connection with the Offering, the Company intends to purchase from the Selling Stockholders 3,000,000 shares of the Company’s Class B common stock at a price per share equal to the price per share at which the underwriter purchases shares of the Company’s Class A Common Stock in the Offering (the “Class B Common Stock Purchase”). The Offering is not conditioned upon the completion of the Class B Common Stock Purchase, but the Class B Common Stock Purchase is conditioned upon the completion of the Offering.
Following the closing of the Offering and Class B Common Stock Purchase, the Selling Stockholders will own 20,112,444 Class A and 52,915,438 Class B shares of the Company, or approximately
Attention:
Email at prospectus-eq_fi@jpmchase.com
Phone at 1-866-803-9204
This press release is neither an offer to sell nor a solicitation of an offer to buy any securities, nor shall there be any sale of any such securities in any state or 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 jurisdiction.
About
Magnolia (MGY) is a publicly traded oil and gas exploration and production company with operations primarily in
Forward-Looking Statements
The information in this press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included in this press release, regarding Magnolia’s strategy, future operations, financial position, estimated revenues, and losses, projected costs, prospects, plans and objectives of management are forward looking statements. When used in this press release, the words could, should, will, may, believe, anticipate, intend, estimate, expect, project, the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, Magnolia disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release. Magnolia cautions you that these forward-looking statements are subject to all of the risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Magnolia, incident to the development, production, gathering and sale of oil, natural gas and natural gas liquids. In addition, Magnolia cautions you that the forward looking statements contained in this press release are subject to the following factors: (i) the length, scope and severity of the ongoing coronavirus disease 2019 (“COVID-19”) pandemic, including the effects of related public health concerns and the impact of continued actions taken by governmental authorities and other third parties in response to the pandemic and its impact on commodity prices as well as supply and demand considerations; (ii) the outcome of any legal proceedings that may be instituted against Magnolia; (iii) Magnolia’s ability to realize the anticipated benefits of its acquisitions, which may be affected by, among other things, competition and the ability of Magnolia to grow and manage growth profitably; (iv) changes in applicable laws or regulations; and (v) the possibility that Magnolia may be adversely affected by other economic, business, and/or competitive factors. Should one or more of the risks or uncertainties described in this press release occur, or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. Additional information concerning these and other factors that may impact the operations and projections discussed herein can be found in Magnolia’s filings with the
View source version on businesswire.com: https://www.businesswire.com/news/home/20210923005956/en/
Investors
(713) 842-9036
bcorales@mgyoil.com
Media
(713) 842-9057
apike@mgyoil.com
Source:
FAQ
What is Magnolia Oil & Gas Corporation's recent stock offering?
Who is managing the stock offering for Magnolia Oil & Gas?
What percentage of Magnolia's outstanding shares will Selling Stockholders own after the offering?
Will Magnolia receive any proceeds from the stock offering?
