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Investing.com -- Shares of Tamboran Resources Corporation (NYSE:TBN) fell 13.2% in after-hours trading on Wednesday following the company’s announcement of an underwritten public offering of common stock.
The natural gas exploration and production company, which focuses on the Beetaloo Basin in Australia’s Northern Territory, is offering 2,324,445 shares of common stock. Tamboran also plans to grant underwriters a 30-day option to purchase up to an additional 348,666 shares.
According to the company’s statement, proceeds from the offering will be used to fund Tamboran’s development plan, working capital, and other general corporate purposes. RBC Capital Markets, LLC and Wells Fargo Securities, LLC are serving as joint book-running managers for the offering.
Tamboran describes itself as a growth-driven independent natural gas company with approximately 1.9 million net prospective acres in the Beetaloo Basin, making it the largest acreage holder in the region. The company is pursuing an integrated approach to commercial development of natural gas resources in the area.
The shares will be offered through an effective shelf registration statement previously filed with the Securities and Exchange Commission. The stock trades on both the New York Stock Exchange and the Australian Securities Exchange under the ticker symbol TBN.
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