On May 17, 2017, U.S. LNG export startup Tellurian Inc. (ticker: TELL) announced it planned to sell 10,000,000 shares of its common stock in an underwritten public offering with Credit Suisse Securities (USA) LLC as the deal’s sole book-running manager for the offering and with Tuohy Brothers Investment Research, Inc. as co-manager.
This morning Tellurian pulled the stock offering.
Tellurian CEO Meg Gentile commented, “Due to the current market environment and in the interest of achieving the best value for our stockholders, we have decided to withdraw our recently announced public offering of common stock.”
Tellurian is the LNG export startup founded by former Cheniere founder and CEO Charif Souki and former BG COO Martin Houston. The Houston-based company is developing the Driftwood LNG project on the U.S. Gulf coast.
In its Amended Prospectus Supplement filed with the SEC the company said the net proceeds of the common stock offering would go to detailed engineering of the Driftwood Project, general corporate purposes and working capital. If the new shares had priced in the current $10 trading range for Tellurian, the offering would have raised approximately $100 million.
