Why Whiting Petroleum's Offering Had To Be At A Discount
Corpina noted that the company's insiders and executives were "looking to make a block sale," however, it had to be done "at a discount to attract buyers, otherwise they wouldn't be able to sell so much stock at once to a condensed group."
Corpina added that the sale was "at a steep discount due to the many factors including the recent stock decline," as it had traded at $90 in September.
Shares of Whiting Petroleum fell approximately 20 percent Tuesday and recently traded at $30.86.
Kevin Riley and Brianna Valleskey contributed to this report.
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