Why Whiting Petroleum's Offering Had To Be At A Discount

Speaking to Benzinga, Meridian Equity Partners Senior Managing Partner and NYSE Floor Trader Jonathan Corpina commented on the Whiting Petroleum Corp WLL stock offering.

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."

Related Link: Floor Trader: Whiting Petroleum Offer To Create Inventory Backlog

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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