U.S. Energy prices 4.24M shares at $2.65 in public offering

U.S. Energy (USEG) announced the pricing of its underwritten public offering of 4,236,000 shares of its common stock, par value $0.01 per share, at a public offering price of $2.65 per share, for total net proceeds, after underwriting commissions, of approximately $10.5 million. Additionally, the Company has granted the underwriters an overallotment of 635,400 shares. The offering is expected to close on January 23, 2025, subject to customary closing conditions. U.S. Energy plans to use the net proceeds of the offering to fund growth capital for its industrial gas development project, including new industrial gas wells and processing plant and equipment, and to support upcoming operations. In the event the underwriters exercise any portion of the over-allotment, the additional proceeds received by the Company may be utilized to purchase shares of common stock from Sage Road Capital, a related party, or its affiliates at a price equal to the net offering price received by the Company. Roth Capital Partners is acting as sole book-running manager for the offering. Johnson Rice & Company and D. Boral Capital are acting as co-managers for the offering.