Viper Energy (VNOM) has provided an announcement.
Viper Energy, Inc. has entered into an underwriting agreement for a secondary public offering, where Diamondback Energy, Inc. will sell over 11.5 million shares of Viper’s Class A common stock, with an additional option for underwriters to purchase up to 1.725 million more shares. The offering price is set at $35.00 per share, and the expected close date is March 8, 2024. Viper won’t gain any proceeds from this sale. Post-offering, Diamondback’s ownership will drop below 50%, ending Viper’s status as a controlled company under Nasdaq rules, leading to new governance changes including the formation of a Compensation Committee and a Nominating and Corporate Governance Committee.
For a thorough assessment of VNOM stock, go to TipRanks’ Stock Analysis page.
