- Magnolia Oil & Gas (NYSE:MGY) -5.4% post-market after launching a secondary public offering of 17M class A common shares by selling stockholders, with an underwriters option to purchase up to an aggregate additional 2.55M shares.
- Magnolia says it will purchase 5M class B common shares from the selling stockholders, concurrent with the offering.
- The company will not sell any shares in the offering or receive any proceeds from the offering.
- Magnolia has been building cash and plans to institute a dividend for the first time while continuing to buy back shares, Steve Zachritz writes in a bullish analysis published recently on Seeking Alpha.
Magnolia Oil & Gas to sell 17M shares in secondary offering
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| Symbol | Last Price | % Chg |
|---|---|---|
| MGY | - | - |
| Magnolia Oil & Gas Corporation | ||