Hess Midstream Partners (HESM) has released an update to notify the public and investors about an entry into a material definitive agreement.
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Hess Midstream LP has conducted a significant transaction, selling 11.5 million Class A shares to an underwriter for a price of $32.83 each, resulting in net proceeds of approximately $377.5 million for the selling shareholder. The company itself did not gain any proceeds from this sale. Additionally, the deal included a 60-day lock-up period during which the company and selling shareholder cannot sell further Class A shares without the underwriter’s consent. This strategic financial move was executed under the terms of an established underwriting agreement and in accordance with the company’s effective shelf registration statement.
For further insights into HESM stock, check out TipRanks’ Stock Analysis page.
For a comprehensive understanding of the announcement, you can read the full document here.
