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Oil gas producer Alpha Energy files for uplisting, $29M offering

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Oil gas producer Alpha Energy files for uplisting, $29M offering (OTCMKTS:APHE)

Oil and gas producer Alpha Energy has filed to uplist its shares to NYSE and raise around $29M.

Alpha Energy didn’t state in its filing how many shares it was planning to offer, but said they would likely be priced at $7.44 per share. It indicated in its filing fee schedule that it was looking to raise approximately $29M.

The company’s shares are currently traded OTC under the symbol APHE. It’s applied for a listing on NYSE. ThinkEquity is serving as bookrunner.

The oil and gas company has been operating at a loss. For the nine-month period ended Sept. 30, Alpha reported a net loss of $1.2M on revenue of $144K.

Alpha Energy is focused on acquiring and developing existing oil and gas properties, primarily in the mid-Continent and Rocky Mountains regions.

Alpha Energy is the latest fossil fuel-related company to file for an initial public offering or uplisting amid an ongoing energy crisis. Other filers include BKV , Bounty Minerals , Permex Petroleum, CW Petroleum  and Elephant Oil .

Last month, oil and gas producer TXO Energy  held an IPO, raising $100M.

Read the original article here.

The information provided is impersonal and does not provide individualized advice or recommendations for any specific reader or individual portfolio. The opinions are from 3rd parties, claims have not been independently verified by us, and we have not been compensated in any way to review the companies or symbols mentioned.

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