NVGS - Navigator Gas Announces Closing of Upsized Secondary Public Offering by Selling Shareholder and Concurrent Repurchase of Shares by Navigator Gas | Benzinga
LONDON, June 13, 2024 (GLOBE NEWSWIRE) -- Navigator Holdings Ltd. (NYSE:NVGS) ("Navigator Gas," the "Company," "we," or "our") announced today the closing of the previously announced upsized public offering (the "Secondary Offering") of a total of 7,000,000 shares of the Company's common stock (the "Offered Shares") by BW Group Limited, as the selling shareholder of the Company (the "Selling Shareholder"), at a public offering price of $15.00 per share.
The Company did not offer any shares of its common stock in the Secondary Offering and did not receive any proceeds from the sale of its shares of common stock in the Secondary Offering.
In addition, in connection with the Company's previously announced intention to purchase shares in the Secondary Offering, the Company purchased 3,500,000 of the Offered Shares from the underwriters in the Secondary Offering (the "Share Repurchase"), at a price per share of $14.52, which was equal to the price per share paid by the underwriters to the Selling Shareholder in the Secondary Offering. The underwriters did not receive any discount or commission in respect of the shares of common stock purchased by the Company from the underwriters in the Share Repurchase. The Share Repurchase was funded with cash on hand. The terms and conditions of the Share Repurchase were approved and recommended to the Board of Directors of the Company (the "Board") by a Special Committee of the ...