FX.co ★ U.S. Energy Corp. Announces Pricing Of $10.5 Mln Public Offering, Stock Down

U.S. Energy Corp. (USEG), an energy corporation, announced on Wednesday the pricing of its underwritten public offering, which includes approximately 4.2 million shares of its Class A common stock priced at $2.65 per share.

This public offering is anticipated to raise around $10.5 million in net proceeds. These funds are earmarked for bolstering the company’s growth capital in industrial gas development projects and to support upcoming operational initiatives.

Furthermore, U.S. Energy Corp. has provided underwriters with an option to purchase up to 635,400 additional shares via an overallotment option.

The public offering is expected to close on January 23.

Currently, USEG stock is trading at $3.15 on the Nasdaq, marking a decrease of 16.83%, or $0.63.