2023-06-13 17:26:41 ET
- Spire ( NYSE: SR ) on Tuesday said it had commenced a public stock offering of up to $112M as part of its existing "at-the-market" program
- SR stock was down 2% to $64.78 after hours.
- "The Company expects to enter into a terms agreement with Morgan Stanley, as underwriter, forward purchaser and forward seller, with respect to the offering, pursuant to which the underwriter will agree to purchase, and the Company and the forward seller, as applicable, will agree to sell shares of the Company's common stock having an offering price of $112M," SR said in a statement .
- SR will initially not get any proceeds from the offering by the forward seller or its affiliates, unless an event occurs that requires the Company to sell common stock to the underwriter.
- SR intends to use any proceeds got upon physical settlement of the forward sale transaction(s) for general corporate purposes, including to fund the acquisition of MoGas Pipeline Company LLC and related businesses.
For further details see:
Spire launches common stock offering of up to $112M