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New Fortress Energy Inc. (NASDAQ:NFE), a natural gas distribution company, has filed a prospectus supplement with the U.S. Securities and Exchange Commission (SEC) to register the resale of up to 14,455,006 shares of its Class A common stock by selling securityholders, as of today, Friday.
The shares in question were originally issued on December 6, 2024, as part of the company's commitment fee obligations under certain exchange and subscription agreements. This was previously reported in a Form 8-K filed on December 11, 2024. The selling securityholders are subject to a lock-up agreement that restricts the transfer of these shares until June 6, 2025.
It is important to note that New Fortress Energy will not receive any proceeds from the sale of shares by the selling securityholders. The purpose of this filing is to provide a legal opinion regarding the validity of the shares, which is included in the prospectus supplement.
The legal opinion has been provided by Skadden, Arps, Slate, Meagher & Flom LLP, confirming the validity of the shares that may be sold by the selling securityholders. This filing is based on a press release statement and is intended to inform investors about the potential increase in the company's publicly traded shares due to the resale registration.
Investors will be keeping an eye on the impact this resale may have on the market, as the selling securityholders begin to potentially divest their holdings post-lock-up period. New Fortress Energy continues to be active in the natural gas distribution sector, with its business address located in New York, NY.
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