Equity Improves Liquidity Position
HighPeak closed a secondary offering of ~14.8 million shares of common stock on July 21, 2023. The shares were priced at $10.50, netting the company proceeds of ~$151.2 million. Members of the management team and board of directors purchased ~10.0 million, or 68% of the shares sold. Strong insider support underpins management’s faith in HighPeak’s asset base. Net proceeds from the offering were used to improve HighPeak’s working capital position. As of June 30, 2023 the company had $30.3 million of cash and an aggregate accounts payable balance of $216.3 million, $121.3 million of which was either currently due or past due. Management intends to use ~$81.7 million of oil sales proceeds received on July 20, 2023, and proceeds from the equity offering to remedy the accounts payable balance. Pro forma, HighPeak would retain ~$16.6 million of cash...
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