Past year: ▼ 65%(3.08 – 16.52 USD)
Each one in plain English, with the numbers worked through for a shareholder.
24 Sept 2024capital raising announcement● NeutralMajor
On September 19, 2024, Sable Offshore Corp. agreed to sell about 7.5 million new shares of common stock to private investors for about $150 million, and the sale was completed on September 23, 2024. This is new money raised after the February 2024 closing of the Exxon SYU purchase. It adds shares for existing holders to be diluted by, at roughly $20 a share (my arithmetic from the stated figures).
16 Jan 2024capital raising announcement▲ GoodMajor
On January 12, 2024, Flame and Sable's holding company amended some of the earlier PIPE subscription agreements, and the filing states total PIPE commitments of $520,000,000 for 52,000,000 Flame Class A shares at $10.00, to be bought when the merger closes. That is well above the roughly $254.95M of commitments in the previous summary (December 2023), so the PIPE has grown sharply. The text shown is cut off before the details of the amendments, so what exactly changed is not stated here.
18 Dec 2023capital raising announcement▲ GoodMajor
On December 12, 2023, Sable's holding company signed additional PIPE subscription agreements for 18,045,000 shares at $10.00, about $180.45M. Together with the earlier PIPE of 7,450,000 shares (about $74.5M), that totals about $254.95M of commitments (my arithmetic). The investors become Flame shareholders if the merger closes. Metamorphic Pecan, LLC gets the right to nominate one director while it holds at least 10% of Flame's Class A shares. This raises the PIPE well above the $71.5M initial figure in the 2022 proxy, though the merger had still not closed.
What it means for a shareholder
18.0m new shares at US$10.00 to raise about US$180m. That's 58% dilution: every existing holder's slice gets 58% smaller. If you held US$1,000 of shares (100 at the issue price), your slice goes from 0.000752% to 0.000319% of the company. To keep it you'd need 136 more shares - about US$1,360 at the issue price.
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23 Aug 2023capital raising announcement● Neutral
On August 22, 2023, Flame converted 7,187,500 founder Class B shares into Class A shares held by the sponsor, affiliates, independent directors and some officers. That leaves 15,620,245 Class A shares outstanding and no Class B, with the sponsor holding about 27.3%. The converted shares keep their restrictions, including waived redemption rights and a duty to vote for a business combination. The filing also notifies shareholders of an August 29, 2023 meeting to vote on extending the deadline to complete a deal, a sign the Sable merger had not closed in time. The share count of 15,620,245 is after the conversion, and the filing does not say what redemptions had already happened.
2 Mar 2021capital raising announcement● NeutralMajor
Flame Acquisition Corp., then a blank-check company, closed its IPO on March 1, 2021, selling 28,750,000 units at $10.00 each for $287,500,000 gross. Each unit had one Class A share and one-half of a warrant exercisable at $11.50. Another 7,750,000 private warrants were sold at $1.00 each ($7,750,000) to the sponsor and others. $287,500,000 was placed in a trust account, and the filing says the money is released only on a business combination or if public shares are redeemed. This is the start of the company's story, and no target had been named yet.
