SilverBow Resources Announces Secondary Offering of Common Stock
December 11 2023 - 4:11PM
Business Wire
SilverBow Resources, Inc. (NYSE: SBOW) (“SilverBow” or the
“Company”) today announced that an affiliate of Strategic Value
Partners, LLC (the “Selling Stockholder”) intends to offer for sale
1,700,000 shares of the Company’s common stock in an underwritten
public offering (the “Offering”). The Selling Stockholder intends
to grant the underwriters a 30-day option to purchase up to an
additional 255,000 shares.
The Offering consists entirely of secondary shares to be sold by
the Selling Stockholder. The Selling Stockholder will receive all
of the net proceeds from the Offering. SilverBow is not offering
any shares of common stock in the Offering and will not receive any
proceeds from the sale of shares in the Offering.
Citigroup and Mizuho are acting as joint book-running managers
for the Offering. The underwriters may offer the shares from time
to time for sale in one or more transactions on the NYSE, in the
over-the-counter market, through negotiated transactions or
otherwise at market prices prevailing at the time of sale, at
prices related to prevailing market prices or at negotiated prices,
subject to their right to reject any order in whole or in part.
The Offering will be made only by means of a prospectus
supplement and the accompanying base prospectus, which were filed
as part of an effective shelf registration statement filed with the
Securities and Exchange Commission (“SEC”) on Form S-3. Copies of
the preliminary prospectus supplement and accompanying base
prospectus relating to the Offering, as well as copies of the final
prospectus supplement, once available, may be obtained on the SEC’s
website at www.sec.gov or by contacting Citigroup, c/o Broadridge
Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717
(Tel: 800-831-9146); or Mizuho Securities USA LLC, Attention: U.S.
ECM Desk, 1271 Avenue of the Americas, New York, NY 10020, by
telephone at (212) 205-7602 or by email at
US-ECM@mizuhogroup.com.
This press release does not constitute an offer to sell, a
solicitation to buy or an offer to purchase or sell any securities,
nor shall there be any sale of these securities in any state or
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
ABOUT SILVERBOW RESOURCES, INC.
SilverBow Resources, Inc. (NYSE: SBOW) is a Houston-based energy
company actively engaged in the exploration, development and
production of oil and gas in the Eagle Ford Shale and Austin Chalk
in South Texas. With over 30 years of history operating in South
Texas, the Company possesses a significant understanding of
regional reservoirs that it leverages to assemble high quality
drilling inventory while continuously enhancing its operations to
maximize returns on capital invested.
FORWARD-LOOKING STATEMENTS
This release includes “forward-looking statements” within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
These forward-looking statements represent management’s
expectations or beliefs concerning future events, and it is
possible that the Offering may not be completed on the terms or
timing described in this release or at all. These forward-looking
statements are based on current expectations and assumptions and
are subject to a number of risks and uncertainties, many of which
are beyond our control. All statements, other than statements of
historical fact included in this release, including those regarding
the timing and sizing of the Offering, are forward-looking
statements. When used in this report, the words “will,” “expect,”
“intend” and similar expressions are intended to identify
forward-looking statements, although not all forward-looking
statements contain such identifying words. Important factors that
could cause actual results to differ materially from our
expectations include, but are not limited to, changes in market
conditions, the risk that the Offering will not be consummated on
the terms or in the amounts contemplated or otherwise, and the
satisfaction of customary closing conditions related to the
Offering, as well as the risks and uncertainties discussed in the
preliminary prospectus supplement for the Offering and the
Company’s reports filed with the SEC, including its Annual Report
on Form 10-K for the year ended December 31, 2022, and subsequent
quarterly reports on Form 10-Q and current reports on Form 8-K. All
forward-looking statements speak only as of the date of this
release. You should not place undue reliance on these
forward-looking statements. All subsequent written and oral
forward-looking statements attributable to us or to persons acting
on our behalf are expressly qualified in their entirety by the
foregoing. We undertake no obligation to publicly release the
results of any revisions to any such forward-looking statements
that may be made to reflect events or circumstances after the date
of this release or to reflect the occurrence of unanticipated
events, except as required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20231211819041/en/
Jeff Magids Vice President of Finance & Investor Relations
(281) 874-2700, (888) 991-SBOW
SilverBow Resources (NYSE:SBOW)
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