MIDLAND, Texas, Sept. 19, 2024 (GLOBE NEWSWIRE) — Diamondback (NASDAQ:) Vitality, Inc. (NASDAQ: FANG) (Diamondback) introduced in the present day the upsize and pricing of an underwritten public providing of 12,770,000 shares of its widespread inventory (the Secondary Providing) by sure Legacy Endeavor Stockholders (the Promoting Stockholders). The gross proceeds from the sale of the shares by the Promoting Stockholders can be roughly $2.2 billion. Diamondback is not going to obtain any proceeds from the sale of the shares by the Promoting Stockholders. The Secondary Providing is predicted to shut on September 23, 2024, topic to customary closing situations.
The Promoting Stockholders have additionally granted the underwriters a 30-day choice to buy as much as a further 1,615,500 shares of widespread inventory.
As well as, Diamondback has agreed to buy from the underwriters 2,000,000 shares of widespread inventory which are the topic of the Secondary Providing at a worth per share equal to the value per share to be paid by the underwriters to the Promoting Stockholders (the Share Repurchase) underneath Diamondback’s present share repurchase program. Diamondback plans to fund the Share Repurchase from present money available. The underwriters is not going to obtain any compensation for the shares being repurchased by Diamondback within the Share Repurchase.
Evercore ISI, Citigroup and J.P. Morgan are performing as joint book-running managers for the Secondary Providing.
Copies of the written base prospectus and prospectus complement for the Secondary Providing, when accessible, could also be obtained from Evercore Group L.L.C., Consideration: Fairness Capital Markets, 55 East 52nd Avenue, thirty fifth Ground, New York, New York 10055, by phone at (888) 474-0200, or by e mail at ecm.prospectus@evercore.com; Citigroup, c/o Broadridge Monetary Options (NYSE:), 1155 Lengthy Island Avenue, Edgewood, NY 11717 (Tel: 800-831-9146); and J.P. Morgan Securities LLC, c/o Broadridge Monetary Options, 1155 Lengthy Island Avenue, Edgewood, New York 11717, through e mail at prospectus-eq_fi@jpmchase.com.
The widespread inventory can be offered pursuant to an efficient automated shelf registration assertion on Type S-3 beforehand filed with the Securities and Trade Fee.
This press launch shall not represent a proposal to promote or the solicitation of a proposal to purchase these securities, nor shall there be any sale of those securities in any state or jurisdiction by which such provide, solicitation or sale can be illegal previous to registration or qualification underneath the securities legal guidelines of such state or jurisdiction. The Secondary Providing could solely be made via a prospectus complement and associated base prospectus.
About Diamondback Vitality, Inc.
Diamondback is an unbiased oil and firm headquartered in Midland, Texas targeted on the acquisition, growth, exploration and exploitation of unconventional, onshore oil and pure fuel reserves within the Permian Basin in West Texas.
Cautionary Notice Concerning Ahead-Trying Statements
This information launch comprises forward-looking statements inside the that means of Part 27A of the Securities Act of 1933, as amended, and Part 21E of the Securities Trade Act of 1934, as amended, which contain dangers, uncertainties, and assumptions. All statements, aside from statements of historic truth, together with statements concerning the completion of the Secondary Providing, Diamondback’s future efficiency; enterprise technique; future operations (together with drilling plans and capital plans); estimates and projections of revenues, losses, prices, bills, returns, money stream, and monetary place; reserve estimates and its capacity to exchange or enhance reserves; anticipated advantages of strategic transactions (together with acquisitions and divestitures); and plans and goals of administration (together with plans for future money stream from operations and for executing environmental methods) are forward-looking statements. When used on this information launch or in any other case by Diamondback, the phrases goal, anticipate, consider, proceed, might, estimate, count on, forecast, future, steerage, intend, could, mannequin, outlook, plan, positioned, potential, predict, challenge, search, ought to, goal, will, would, and related expressions (together with the damaging of such phrases) as they relate to Diamondback are supposed to establish forward-looking statements, though not all forward-looking statements comprise such figuring out phrases. Though Diamondback believes that the expectations and assumptions mirrored in its forward-looking statements are cheap as and when made, they contain dangers and uncertainties which are tough to foretell and, in lots of instances, past Diamondback’s management. Accordingly, forward-looking statements will not be ensures of future efficiency and Diamondback’s precise outcomes might differ materially from what Diamondback has expressed in its forward-looking statements. Data regarding these dangers and uncertainties and different components might be present in Diamondback’s filings with the U.S. Securities and Trade Fee (“SEC”), together with the registration assertion, prospectus and prospectus complement referring to the Secondary Providing and its experiences on Types 10-Ok, 10-Q and 8-Ok, every of which might be obtained freed from cost on the SEC’s website at http://www.sec.gov. Diamondback undertakes no obligation to replace or revise any forward-looking assertion except required by relevant legislation.
Investor Contact:
Adam Lawlis
+1 432.221.7467
alawlis@diamondbackenergy.com
Supply: Diamondback Vitality, Inc.
