Gulfport Floats 2nd Stock Offering in a Year, Wants $371M

How many times can you go to the (money) well? Gulfport Energy plans to find out. Gulfport, like many upstream (i.e. drilling) companies is in short supply of cash. One of the favorite techniques to raise new piles of cash is to sell off further ownership in the company by floating new stock. Gulfport did it in April of 2015 when it floated 9.5 million shares looking to raise $454 million (see Gulfport Upsizes Stock Offering to 9.5M Shares, Seeks $454M). They’re going back to the well again. This time they’re floating 14.7 million shares at a hoped-for price of $25.25 per share, meaning they want to get $371 million. Will they get it?…

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