This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Stock Offerings: Kodiak Oil & Gas

BOSTON ( TheStreet) -- Kodiak Oil & Gas (KOG) shares were on the rise even after the company priced a secondary offering at a discount to the previous session's closing price.

Kodiak Oil & Gas said it has priced its public offering of 25 million shares of common stock at $2.75 per share, compared with Thursday's closing price of $2.88. Underwriters have been granted a 30-day option to purchase up to 3.75 million additional shares to cover overallotments, if any.

Kodiak said it intends to use the net proceeds to fund its working capital needs and capital expenditures related to drilling and development on its operated and non-operated properties, which are principally in the Bakken play in North Dakota, and to finance the potential acquisition of oil and gas properties in certain core areas, such as the Bakken play.

Shares of Kodiak Oil & Gas were climbing 4.2% to $3 at the start of trading Friday.

In other offering news, Sun Healthcare Group (SUNH) said it has priced its public offering of 26.75 million shares of common stock at $7.75 per share for approximately $195.3 million in net proceeds. If the underwriters use a 30-day option to purchase up to approximately 4.01 million additional shares to cover overallotments, net proceeds will total $224.8 million.

Sun Healthcare said intends to use the net proceeds from this offering to repay a portion of the outstanding term loans under its existing credit facility. Shares of the company were down 0.3% to $7.97 at the start of trading.

National CineMedia (NCMI - Get Report) shares fell after the cinema advertising company priced an offering of 10.7 million shares of common stock being sold by selling stockholders at $16 per share. Underwriters have a 30-day option to purchase up to roughly 1.34 million additional shares to cover overallotments, if any. National CineMedia said it will not receive any proceeds from the sale.

Shares of National CineMedia were down 3.7% to $15.80.

Danaos (DAC - Get Report) announced the sale of approximately 54 million shares of its common stock priced at $3.70 per share. The Greek containerships company said funds will be used towards the completion of Danaos' current building program. Shares of the company closed Thursday at $3.93.

Elsewhere, Neurogesx (NGSX) filed with the Securities and Exchange Commission for a $75 million mixed shelf offering. Neurogesx said net proceeds may be used to repay or repurchase debt, and may be used for licensing or acquiring intellectual property or to fund possible investments in and acquisitions of complementary businesses or partnerships.

Shares of Neurogesx were off 4.1% to $5.80.

-- Written by Robert Holmes in Boston.

Follow Robert Holmes on Twitter and become a fan of on Facebook.
Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
KOG $6.56 0.00%
NGSX $0.01 0.00%
DAC $4.66 0.00%
NCMI $14.97 0.00%
AAPL $93.99 0.00%


Chart of I:DJI
DOW 15,973.84 +313.66 2.00%
S&P 500 1,864.78 +35.70 1.95%
NASDAQ 4,337.5120 +70.6750 1.66%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs