Tellurian Inc (AMEX: TELL) shares traded lower by nearly 25% on Tuesday. The stock is continuing to fall after hours on financing concerns.
Tellurian on Monday announced that it had withdrawn its proposed public offering of units consisting of 11.25% senior secured notes due 2027 and warrants to purchase shares of Tellurian common stock, citing uncertain conditions in the high-yield market.
The company initially said it planned to use the net proceeds from the offering to support the construction of Tellurian's Driftwood Project, which includes the construction of a liquefied natural gas export facility near Lake Charles, Louisiana. It appears investors are concerned the company may not be able to finance the build without the offering.
Tellurian is a US-based independent oil and gas exploration and production company developing a portfolio of natural gas production, LNG marketing, and infrastructure assets.
TELL Price Action: Tellurian has a 52-week high of $6.53 and a 52-week low of $2.23.
The stock was down 13.9% in after-hours at $2.54 at the time of publication.
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