SOC stock hits record low as company announces equity and convertible note offerings to repay Exxon Mobil debt.
Sable Offshore (SOC) shares collapsed 55.8% to close at $3.08 on Tuesday after announcing plans to raise $400M through stock and convertible note sales. The funds will repay debt owed to Exxon Mobil (XOM), following repeated financial struggles.
The company’s stock had previously traded higher but faced pressure amid concerns over liquidity and debt obligations. The $400M offering represents a significant portion of its market capitalization, raising investor worries about dilution.
No immediate market reaction details were provided beyond the stock’s sharp decline.