HighPeak Energy Inc (NYSE:HPK) shares are trading lower Wednesday after the company announced the pricing of its public offering. 

HighPeak is expected to generate gross proceeds of $135.5 million. The company will use the proceeds for working capital and to enhance its near-term liquidity position. The offering is expected to close on July 21.

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 13.7% at $11.11 at the time of writing, according to Benzinga Pro.

Photo: Terry McGraw from Pixabay.