Kosmos Energy (KOS) - Get Report shares were down nearly 7% Tuesday morning after the company announced that Blackstone (BX) - Get Report and Warburg Pincus were selling 30 million shares and 10 million shares of the company's stock, respectively. Barclays is acting as the underwriter for the sale.
The offering is priced at $7.25 per share, a 7.5% downside from the stock's previous close of $7.84.
Blackstone will lose one of the board members it has sitting on Kosmos board of executives following the completion of the sale, and will subsequently only be able to nominate one board member at a time.
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