MGY - Magnolia Oil & Gas stock under pressure on pricing 17M shares in secondary offering

Magnolia Oil & Gas Corporation (MGY) -10.6% premarket, has priced secondary public offering of 17M class A common shares by certain affiliates of EnerVest, for total gross proceeds of ~$178.5M.Underwriters have an option to purchase up to an additional 2.55M class A common stock from the Selling Stockholders.Offering is expected to close on March 5.The company will not receive any proceeds from the offering.The company will purchase 5M class B common shares from the selling stockholders, concurrent with the offering.

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Magnolia Oil & Gas stock under pressure on pricing 17M shares in secondary offering