Sable Offshore Corp. Announces Redemption of Public Warrants
October 03 2024 - 4:25PM
Business Wire
Sable Offshore Corp. (NYSE: SOC, “Sable”, or the “Company”)
today announced that the Company will redeem all of its outstanding
warrants (the “Public Warrants”) to purchase shares of the
Company’s common stock, par value $0.0001 per share (the “Common
Stock”), that were issued under the Warrant Agreement, dated
February 24, 2021 (the “Warrant Agreement”), by and between the
Company and Equiniti Trust Company, LLC (f/k/a American Stock
Transfer & Trust Company, LLC), as warrant agent (the “Warrant
Agent”), as part of the units sold in the Company’s initial public
offering (the “IPO”) and that remain outstanding at 5:00 p.m. New
York City time on November 4, 2024 (the “Redemption Date”) for a
redemption price of $0.01 per Public Warrant. Warrants to purchase
Common Stock that were issued under the Warrant Agreement in a
private placement simultaneously with the IPO and that are still
held by the initial holders thereof or their permitted transferees
are not subject to this redemption.
Under the terms of the Warrant Agreement, the Company is
entitled to redeem all of the outstanding Public Warrants if the
last sales price of the Common Stock is at least $18.00 per share
on each of twenty trading days within any thirty-day trading period
ending on the third trading day prior to the date on which a notice
of redemption is given. At the direction of the Company, the
Warrant Agent will deliver a notice of redemption to each of the
registered holders of the outstanding Public Warrants.
At 5:00 p.m. New York City time on October 31, 2024, the Public
Warrants will cease trading on the New York Stock Exchange. The
Public Warrants may be exercised by the holders thereof until 5:00
p.m. New York City time on the Redemption Date to purchase fully
paid and non-assessable shares of Common Stock underlying such
warrants, at the exercise price of $11.50 per share. Any Public
Warrants that remain unexercised at 5:00 p.m. New York City time on
the Redemption Date will be void and no longer exercisable, and the
holders of those Public Warrants will be entitled to receive only
the redemption price of $0.01 per warrant.
None of the Company, its board of directors or employees,
including management, has made or is making any representation or
recommendation to any holder of the Public Warrants as to whether
to exercise or refrain from exercising any Public Warrants.
The shares of Common Stock underlying the Public Warrants have
been registered by the Company under the Securities Act of 1933, as
amended, and are covered by a registration statement filed on Form
S-1 with, and declared effective by, the Securities and Exchange
Commission (Registration No. 333-277072). The SEC maintains an
Internet website that contains a copy of this prospectus. The
address of that site is www.sec.gov. Alternatively, you can obtain
a copy of the prospectus from our website at
https://www.sableoffshore.com.
Questions concerning redemption and exercise of the Public
Warrants can be directed to Equiniti Trust Company, LLC, Operations
Center, Attn: Reorganization Department, 55 Challenger Road, Suite
200, Ridgefield Park, New Jersey 07660, telephone number (718)
921-8317.
No Offer or Solicitation
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any offer of any
of the Company’s securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of any such
jurisdiction.
About Sable
Sable Offshore Corp. is an independent oil and gas company,
headquartered in Houston, Texas, focused on responsibly developing
the Santa Ynez Unit in federal waters offshore California. The
Sable team has extensive experience safely operating in
California.
Forward Looking Statements
The information in this press release include “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995. When used in this press release, the words
“could,” “should,” “will,” “ may,” “ believe,” “ anticipate,” “
intend,” “ estimate,” “expect,” “project,” “continue,” “plan,”
forecast,” “predict,” “potential,” “future,” “outlook,” and
“target,” the negative of such terms and other similar expressions
are intended to identify forward-looking statements, although not
all forward-looking statements will contain such identifying words.
These statements are based on the current beliefs and expectations
of Sable’s management and are subject to significant risks and
uncertainties. Actual results may differ materially from those
described in the forward-looking statements. Factors that could
cause Sable’s actual results to differ materially from those
described in the forward-looking statements include: the ability to
recommence production of the Santa Ynez Unit assets and the cost
and time required therefor; global economic conditions and
inflation; increased operating costs; lack of availability of
drilling and production equipment, supplies, services and qualified
personnel; geographical concentration of operations; environmental
and weather risks; regulatory changes and uncertainties;
litigation, complaints and/or adverse publicity; privacy and data
protection laws, privacy or data breaches, or loss of data; our
ability to comply with laws and regulations applicable to our
business; and other one-time events and other factors that can be
found in Sable’s Annual Report on Form 10-K for the year ended
December 31, 2023, and any subsequent Quarterly Report on Form 10-Q
or Current Report on Form 8-K, which are filed with the Securities
and Exchange Commission and are available on the Securities and
Exchange Commission’s website (www.sec.gov). Except as required by
applicable law, Sable undertakes no obligation to publicly release
the result of any revisions to these forward-looking statements to
reflect the impact of events or circumstances that may arise after
the date of this press release.
Disclaimers
Non-Producing Assets
The Santa Ynez Unit assets have not produced commercial
quantities of hydrocarbons since such assets were shut in during
May of 2015 when the only pipeline transporting hydrocarbons
produced from such assets to market ceased operations. There can be
no assurance that the necessary permits will be obtained that would
allow the pipeline to recommence transportation and allow the
assets to recommence production. If production is not recommenced
by January 1, 2026, the terms of the asset acquisition with
ExxonMobil Corporation would potentially result in the assets being
reverted to ExxonMobil Corporation without any compensation to
Sable therefor.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241003212289/en/
Investor Contact: Harrison Breaud Director, Finance &
Investor Relations IR@sableoffshore.com 713-579-8111
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