Public secondary offering - 5% of total shares outstanding. When big fish sell it spooks the market. Buying at $5 has a chance to be an interesting swing trade.
Quote:
08:32 AM EDT, 09/11/2023 (MT Newswires) -- Granite Ridge Resources (GRNT) said Monday that Grey Rock Energy Management has launched an underwritten registered secondary offering of 7.1 million shares.
Underwriters have a 30-day option to buy up to about 1.1 million additional shares, the company said. Granite Ridge will not sell any common stock in the offering and will not receive any proceeds from the sale of its common stock by the Selling Shareholders in the offering.
“Give it hell Heinekandle, I’m enjoying it.”
- Farmer @ Johnsongrass, TX
“No secure borders, no alpha military, no energy independence, no leadership and most of all no mean tweets - this is the worst trade I’ve ever witnessed in my lifetime. ***Put that quote in your quote/signature section HeinendKandle*** LOL!”
- also Farmer @ Johnsongrass, TX (obviously in a worse mood)