Hi,
is there any news on Ring Energy about new shares offering?
How many?
What would this be for?
Regards
Ring Energy
Re: Ring Energy
THE WOODLANDS, Texas, April 12, 2023 (GLOBE NEWSWIRE) -- Ring Energy, Inc. (NYSE American: REI) (“Ring” or the “Company”) today announced that 14,512,166 of its outstanding warrants have been amended to lower their exercise price to $0.62 per share in exchange for early exercise of the warrants, resulting in gross proceeds to the Company of $8,997,543 and the issuance of 14,512,166 shares of common stock. After the full exercise of the above warrants, there remain outstanding warrants to purchase 78,200 shares of common stock.
Mr. Paul D. McKinney, Chairman of the Board and Chief Executive Officer, commented, “We are pleased with the early exercises resulting from the premium inducement. The accelerated receipt of approximately $9 million in warrant proceeds contributes to our relentless goal to strengthen our balance sheet. We believe that clearing out the warrants simplifies our capital structure, as well as should improve trading liquidity and increase our float.”
The warrants were issued as part of a registered direct offering in 2020 and were exercisable for shares of the Company’s common stock at an initial exercise price of $0.80 per share. The issuance of the common stock upon exercise of the warrants by the Company, and the resale of the common stock issuable upon exercise of the warrants are covered by a registration statement, as amended, previously filed with and declared effective by the Securities and Exchange Commission.
Truist Securities acted as exclusive financial advisor to the Company.
This news release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful, prior to registration or qualification under the securities laws of any such state or jurisdiction.
https://finance.yahoo.com/news/ring-energy-inc-announces-exercise-204500234.html
Mr. Paul D. McKinney, Chairman of the Board and Chief Executive Officer, commented, “We are pleased with the early exercises resulting from the premium inducement. The accelerated receipt of approximately $9 million in warrant proceeds contributes to our relentless goal to strengthen our balance sheet. We believe that clearing out the warrants simplifies our capital structure, as well as should improve trading liquidity and increase our float.”
The warrants were issued as part of a registered direct offering in 2020 and were exercisable for shares of the Company’s common stock at an initial exercise price of $0.80 per share. The issuance of the common stock upon exercise of the warrants by the Company, and the resale of the common stock issuable upon exercise of the warrants are covered by a registration statement, as amended, previously filed with and declared effective by the Securities and Exchange Commission.
Truist Securities acted as exclusive financial advisor to the Company.
This news release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful, prior to registration or qualification under the securities laws of any such state or jurisdiction.
https://finance.yahoo.com/news/ring-energy-inc-announces-exercise-204500234.html
Re: Ring Energy
They must be hard up for cash to cut the price from 80 cents to 62 cents 
Didn't they read Dan's fair target of $ 5.10. That's one helluva discount .62 to 5.10 wtf!!
Dan, do you have dilution from all these warrants in the model?
the other side of the trade for the warrant holders is to short the hell out of the stock and cover it with shares that they are buying for 62 cents!
Didn't they read Dan's fair target of $ 5.10. That's one helluva discount .62 to 5.10 wtf!!
Dan, do you have dilution from all these warrants in the model?
the other side of the trade for the warrant holders is to short the hell out of the stock and cover it with shares that they are buying for 62 cents!
Re: Ring Energy
The published report states that as of now there are about 180mm common shares outstanding + the 14.5mm common shares from the warrants conversion. So REI should now have 194.5mm common shares outstanding.
Management wants to increase authorized common shares by 225mm (current authorized common shares are 225mm, so there currently are only about 45mm common shares authorized and not outstanding), in order to have flexibility.
Management does not mention the intention to make use of these additional 225mm shares in order to pay down debt.
Dan or others, please correct me where I am wrong.
Regards
Management wants to increase authorized common shares by 225mm (current authorized common shares are 225mm, so there currently are only about 45mm common shares authorized and not outstanding), in order to have flexibility.
Management does not mention the intention to make use of these additional 225mm shares in order to pay down debt.
Dan or others, please correct me where I am wrong.
Regards
Re: Ring Energy
I think you have nailed it. That is my understanding.knusser58 wrote: ↑Thu Apr 13, 2023 12:00 pm The published report states that as of now there are about 180mm common shares outstanding + the 14.5mm common shares from the warrants conversion. So REI should now have 194.5mm common shares outstanding.
Management wants to increase authorized common shares by 225mm (current authorized common shares are 225mm, so there currently are only about 45mm common shares authorized and not outstanding), in order to have flexibility.
Management does not mention the intention to make use of these additional 225mm shares in order to pay down debt.
Dan or others, please correct me where I am wrong.
Regards
Re: Ring Energy
Money from the exercise of warrants is a GOOD THING. Ring is heavily weighted to oil and they are going to be fine.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group