Rex Energy Files For Secondary (REXX)

Print Email

Rex Energy Corporation (NASDAQ: REXX) has filed with the SEC for a secondary offering of 8 million shares today.  KeyBanc Capital Markets is listed as the sole selling agent.

As far as the use of proceeds, 4 million shares will be sold by existing shareholders and 4 million shares will be sold by the company.  After the overallotment, if used, the proposed offering based on a recent close would be $128 million, which compares to a market cap of $575 million.

Rex is an independent oil and gas company operating in the Illinois Basin, the Appalachian Basin, and the Southwestern Region of the United States.

You can join our open email distribution list to hear about buybacks, special financings, secondary offerings, M&A, and more previews for other special situations.

Since coming public, Rex has risen steadily and its post-IPO trading range was $7.55 to $17.95.  This came public back in July 2007 with a 9.6 million share offering at $11.00, and KeyBanc was the lead there at the IPO time as well.

 

Rex Energy closed up over 7% today at $18.68, a new high, although shares are down some 3% at $18.05 in after hours trading.

Jon C. Ogg
April 7, 2008