HighPeak Energy Stock Is Getting Drilled: What's Going On?

HighPeak Energy Inc HPK shares are trading lower in Tuesday's after-hours session after the company announced a public offering.

The Details: HighPeak commenced an underwritten public offering of its common stock. The company expects to grant the underwriter a 30-day option to buy additional shares at the public offering price. 

The company intends to use net proceeds for working capital and to enhance its near-term liquidity position. The pricing and size of the offering have not been announced. 

HighPeak is an independent oil and natural gas company focused on the acquisition, development, exploration and exploitation of unconventional oil and natural gas reserves in the Midland Basin in West Texas.

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HPK Price Action: HighPeak shares were down 12.2% after hours at $11.30 at the time of publication, according to Benzinga Pro.

Photo: John R Perry from Pixabay.