en.Wedoany.com Reported - TETRA Technologies has launched a public offering, aiming to raise approximately $100 million through the issuance of 10.81 million shares of common stock to support strategic growth initiatives, including the development of a bromine project in Arkansas.
The Texas-based energy services and critical minerals company is conducting the underwritten offering at a price of $9.25 per share. Total estimated proceeds, before deducting underwriting discounts and related expenses, are approximately $100 million. The underwriters have also been granted a 30-day option to purchase up to an additional 1.62 million shares of common stock to cover over-allotments. The offering is expected to close on June 4, subject to customary closing conditions.
TETRA stated that the net proceeds will be used for general corporate purposes, including funding a portion of the construction costs for the Arkansas bromine project. This project is a key component of the company's strategy to expand beyond traditional oilfield services and strengthen its position in the critical minerals sector.
The Arkansas project focuses on developing bromine-rich brine resources. These resources have drawn increasing investor interest due to their potential role in supplying lithium and other materials used in energy storage and industrial applications. TETRA is increasingly strengthening its critical minerals business, viewing it as a long-term growth driver alongside its energy services and industrial chemicals operations.
This financing comes at a time when companies in the energy and mining sectors are generally seeking to fund domestic resource development projects, in response to growing demand for critical minerals related to battery manufacturing, grid energy storage, and broader energy transition plans.
J.P. Morgan is serving as lead bookrunner for the offering, with Jefferies acting as joint bookrunner. Berenberg, Johnson Rice & Company, Northland Capital Markets, and CJS Securities are participating as co-managers.
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