Shares of Select Water Solutions Inc. (NYSE:WTTR) fell 8% on Friday morning after the company revealed the pricing of a public stock offering at a discount to its most recent closing price.
The company is issuing 13,725,491 shares of its Class A common stock at $12.75 per share. That price sits roughly 10% below Thursday’s closing level of $14.22.
The offering is being carried out under an effective shelf registration statement on Form S-3 previously filed with the U.S. Securities and Exchange Commission.
Select Water Solutions said it plans to allocate the net proceeds toward general corporate purposes, which may include funding water infrastructure growth projects, pursuing potential acquisitions, or repaying borrowings under its sustainability-linked credit facility.