This is probably what caused today's dip. Those getting the stock may have just sold it into the market. - Dan
On May 29, 2014 (but effective as of May 28, 2014 with respect to one holder), Sanchez Energy Corporation (the "Company") entered into exchange agreements with holders of the Company's 4.875% Convertible Perpetual Preferred Stock, Series A, par value $0.01 per share (the "Series A Preferred Stock"), and of the 6.500% Convertible Perpetual Preferred Stock, Series B, par value $0.01 per share (the "Series B Preferred Stock"), pursuant to which such holders agreed to exchange an aggregate of (i) 166,025 shares of Series A Preferred Stock (and waive their rights to any accrued and unpaid dividends thereon) for 418,715 shares of the Company's common stock, par value $0.01 per share (the "Common Stock"), and
(ii) 210,820 shares of the Series B Preferred Stock (and waive their rights to any accrued and unpaid dividends thereon) for 553,980 shares of Common Stock. Closing is expected to occur on June 2, 2014 and June 3, 2014, subject to satisfaction or waiver of customary closing conditions.