SilverBow Resources falls after announcing upsized secondary offering

SilverBow Resources

12/12/2023 16:41

(Updates)
    ** Shares of oil and gas producer SilverBow Resources
 SBOW.N  fall 9.1% to a five-month low of $27.23
    ** Company announces upsized secondary offering of common
stock by an affiliate of Strategic Value Partners
    ** Size of the offering increased from the previously
announced 1.7 mln shares to an aggregate of ~2.2 mln shares of
common stock held by the selling shareholder
    ** Riposte Capital, one of SBOW's largest investors, had
pushed for a board revamp in November to address governance
concerns and boost its lagging performance
    ** Including session's losses, stock down ~4% YTD

 (Reporting by Vallari Srivastava)
 ((Srivastava.Vallari@thomsonreuters.com))