Excelerate Energy Stock Falls After Pricing Upsized Stock Offering, Retail Stays Extremely Bullish

Excelerate Energy (EE) stock fell 5.9% in extended trading on Monday after the energy firm priced its upsized public offering of 6.9 million shares at $26.50 per share, which was 7.6% lower than the last close.

The energy firm’s offering rose from $150 million to $184.3 million before the underwriting discount and estimated offering expenses.

The company granted the underwriters a one-month option to buy an additional 1.04 million shares of its common stock at the public offering price, less the underwriting discounts and commissions.

The Woodlands, Texas-based company said that Barclays and Morgan Stanley are acting as lead book-running managers.

Excelerate intends to use the net proceeds from the offering to fund its purchase of New Fortress Energy’s Jamaica assets.

Last week, the company agreed to buy the assets for $1.06 billion. Through the deal, Excelerate would gain New Fortress’s LNG import terminal in Montego Bay, offshore floating storage, and a regasification terminal in Old Harbour, among other assets.

New Fortress said the purchase price represented a multiple of about 9x the Jamaica business’ 2025 estimated adjusted earnings before interest, tax, depreciation, and amortization (EBITDA).

The deal is expected to close in the second quarter.

Retail sentiment on Stocktwits stayed in the ‘extremely bullish’ (79/100) territory, while retail chatter was ‘normal.’

Excelerate shares have fallen 6.7% year-to-date (YTD).

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