Excelerate Energy falls after upsized $184 mln share sale for New Fortress deal

Excelerate Energy

01/04/2025 11:13

**  Excelerate Energy's EE.N shares down 7.4% at $26.53 before the bell after overnight acquisition-related follow-on priced

    ** Woodlands, Texas-based liquefied natural gas infrastructure provider late Mon announced ~7 mln shares at $26.50 for ~$184.3 mln gross raise

    ** Offering size boosted from
    $150 mln and priced at 7.6% discount to last sale

    ** Co to use net proceeds to help fund $1.06 bln buy of New Fortress Energy's NFE.O Jamaica assets, announced last week

    **
    Barclays and Morgan Stanley leading the offering

** With ~105..9 mln shares outstanding, EE has ~$3 bln market cap

** EE shares on Mon closed up 2.5%, snapping three-session losing streak in which it shed nearly 12%

** YTD, stock down ~5% after ~96% surge in 2024

** NFE shares closed at $8.31 on Mon, down 45% YTD following 60% drop in 2024

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))