ProFrac tumbles on deep-discounted $75 mln equity raise

ProFrac Holding

13/08/2025 10:48

** Shares of oilfield services co ProFrac Holding Corp ACDC.O down 27.2% premarket to $4.60, over three-month low, after $75 mln follow-on prices

    ** Texas-based ACDC early Weds announces 18.75 mln shares at $4, 36.7% discount to stock's last close

    ** ACDC founders Dan Wilks and Farris Wilks indicated interest to buy up to $20 mln worth of shares in the offering, per the prospectus

** Co says plans to use net offering proceeds to repay borrowings under its revolver, pursue potential investment opportunities and for working capital and other general purposes

** JP Morgan and Piper Sandler are joint bookrunners

** With ~160.28 mln shares outstanding, co has $1 bln market cap

** Through Tues close, ACDC shares lost ~19% YTD

    ** 3 of 5 analysts rate stock "hold" and 2 rate "sell", per LSEG; median PT is $7.25

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

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