Sable Offshore (SOC) filed a shelf registration statement Tuesday with the US Securities and Exchange Commission for the potential sale of up to $250 million of its common stock.
In the Form 424B5 regulatory filing with the SEC, the company said it plans to use net proceeds, if any, for general corporate purposes, including working capital, capital expenditures, and potential future investments. Any unused funds may be invested in short-term or marketable securities.
The company also noted in the filing it is cooperating with government authorities after receiving subpoenas Dec. 2 from the US Attorney's Office for the Southern District of New York and the SEC. The requests seek documents related to issues raised in an Oct. 31 report by Hunterbrook Media, as well as trading in the company's securities.
Shares of Sable Offshore fell more than 6% in recent Tuesday trading.
Price: 8.40, Change: -0.62, Percent Change: -6.85
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