Carrizo Floats 6.3M Shares of New Stock, Hopes to Raise $212M

upsize meFor the past few months MDN has noted several large sales of Carrizo Oil & Gas stock by company CEO Chip Johnson, totaling nearly $2 million of stock sold since June (see Carrizo O&G CEO Chip Johnson Continues to Sell His Company Stock). Carrizo has drilling operations in both the Marcellus and Utica Shales. Yesterday Carrizo announced they are issuing up to 6.1 million new shares of company stock. Not long after the original announcement, Carrizo issued a second announcement “upsizing” the stock offering to 6.3 million shares. They hope to get $212 million, which works out to be an average of $33.49 per share. As of this morning shares of Carrizo on NASDAQ sold for $40.96. The company says they will use the proceeds to pay off debt. What we wonder is, will Chip Johnson be among the buyers of the new stock–selling high and buying low?…

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