Sable Offshore announces $150M private placement

Sable Offshore announced it has entered into subscription agreements to issue 7,500,000 shares of its common stock in a private placement to institutional investors. Sable expects to receive gross proceeds of approximately $150M, before deducting placement agent fees and other offering expenses. The private placement is expected to close on September 23, subject to the satisfaction of customary closing conditions. The Company intends to use the proceeds from the private placement for capital expenditures, working capital, and other general corporate purposes.