MGY - Magnolia Oil & Gas stock slips on pricing EnerVest block trade of 7.5M Class A shares

Magnolia Oil & Gas (NYSE:MGY) has slipped 5.13% pre-market after the energy firm announced pricing of an underwritten block trade of 7.5M Class A shares by certain affiliates of EnerVest. The company will not sell any shares of its Class A Common Stock in the offering or receive any proceeds from the offering. Total gross proceeds to the selling stockholders is estimated to be $162.9M. Closing date is expected to be Mar. 14, 2022. Magnolia has also agreed to purchase from the selling stockholders 2.5M shares of its Class B common stock at a price equal to the price at which the underwriter purchases shares of the company’s Class A common stock in the offering. This transaction is subject to the completion of the offering. The selling stockholders will own 13,528,823 Class A and 35,594,059 Class B shares of Magnolia post completion of the transactions.

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Magnolia Oil & Gas stock slips on pricing EnerVest block trade of 7.5M Class A shares