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PHX Minerals Inc. (PHX) stock gains in the pre-market trading. What’s driving it higher?

PHX Minerals Inc. (PHX) stock surged by 7.92% at the last trading close while the PHX stock price continued to rise by 10.09% at the last check in the pre-market trading. PHX Minerals Inc. is a natural gas and oil mineral firm with a plan to expand its mineral presence in its main areas of focus. PHX controls nearly 253,000 net mineral acres in Oklahoma, Texas, North Dakota, New Mexico, and Arkansas.


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Recent Past Developments

On April 16, 2021, PHX announced that it has priced an underwritten public offering of 5,500,000 shares of PHX’s common stock at $2.00 per share to the general public. 5,000,000 shares of common stock were originally offered by PHX Minerals. PHX also gave the underwriters a 30-day offer to acquire up to 825,000 more shares of common stock at the very same price per share. According to customary closing terms, the offering was scheduled to close on or around April 20, 2021.

After subtracting underwriting discounts and fees and projected offering costs, the net profits to PHX are predicted to be about $9,940,000 (excluding proceeds from the underwriters’ 30-day opportunity to buy additional shares in common stock). The net proceeds of the offering will be used to finance a pending merger and for general corporate purposes, subject to customary closing conditions.

For the offering its book-running manager is Stifel, and the co-managers are Northland Capital Markets and Seaport Global Securities.

On April 15, 2021,

PHX reported that it has agreed to pay $11,947,000 in cash and shares to various third parties for mineral and royalty rights measuring approximately 2,698 net royalty acres in the Southern SCOOP play (the “Acquisition”), subject to customary closing changes.

A total of $9,547,000 in cash and $2,400,000 in PHX common stock were paid. The cash part of the purchase price will be raised by an underwritten public offering of common stock by PHX (announced concurrently with this release). The stock sold in conjunction with the Acquisition would be subject to the same terms and conditions as the stock issued to the other offering subscribers. The acquisition was unanimously approved by the PHX Board of Directors. The Acquisition will go into operation on November 1, 2020, and it is scheduled to complete by the end of April.

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