Yorktown Energy Partners X, L.P., a major stakeholder in Solaris Energy Infrastructure, Inc. (NYSE:SEI), recently sold 975,000 shares of the company's Class A common stock. The transaction, which took place on December 16, netted approximately $23.4 million, with the shares sold at a net price of $24.0075 each. The sale comes as SEI's stock has experienced significant momentum, with a remarkable 274% gain year-to-date according to InvestingPro data, despite a recent 10% pullback last week.
The sale was part of a public underwritten offering, as disclosed in a prospectus supplement dated December 10. Following this transaction, Yorktown Energy Partners no longer holds any Class A shares of Solaris Energy. Prior to this, the firm exchanged its units in Solaris Energy Infrastructure, LLC for Class A shares, a move that involved the cancellation of an equal number of Class B shares, which have no economic rights but grant voting power. The company, now valued at $1.66 billion, maintains strong financial health with a current ratio of 3.61, indicating robust liquidity.
Yorktown Energy Partners remains a significant player in Solaris Energy, reflecting its continued strategic interest in the company. InvestingPro analysis reveals the company's solid financial foundation, with a "GOOD" overall health score and consistent dividend payments yielding 1.68%. Subscribers can access 14 additional ProTips and comprehensive financial metrics in the Pro Research Report.
In other recent news, Solaris Energy Infrastructure has priced an underwritten public offering of 6.5 million shares at $24.75 each, expecting to yield approximately $156 million in net proceeds. The funds will be used to finance the expansion of its power generation equipment, including the purchase of new natural gas turbines. In addition, Solaris Energy's shareholders have approved the acquisition of Mobile Energy Rentals, and the company has provided a $29.75 million loan to facilitate the purchase of power generation equipment.
The company has also raised its adjusted EBITDA forecast for Q4 2024, now expecting it to be between $36 million and $39 million. Recent developments also include a change in leadership with the company's COO, Kelly Price, set to retire at the end of 2024.
Investment firm Piper Sandler has maintained its Overweight rating on Solaris following these developments. All these are recent developments that continue to shape the trajectory of Solaris Energy Infrastructure.
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