Ovintiv announces offering of 8.4M shares of common stock for holders

Ovintiv announced that NMB Stock Trust, a Delaware statutory trust, intends to offer for sale 8.4M shares of the company’s common stock. The offering consists entirely of secondary shares to be sold by the selling stockholder. In addition, the company announced that the company intends to repurchase from the underwriter, out of the 8.4M shares of common stock that are subject to the offering, $53M of the company’s common stock at a price per share equal to the price at which the underwriter will purchase the shares from the selling stockholder in the offering. The offering is not conditioned upon the closing of the repurchase, but the repurchase is conditioned upon the closing of the offering. Goldman Sachs will act as the underwriter for this offering.