Chesapeake Utilities Corporation announced on November 22, 2024, the establishment of an At-The-Market (ATM) equity offering program. This program allows the company to sell shares of its common stock with an aggregate sales price of up to $100 million from time to time.
The company has entered into an equity distribution agreement with several sales agents, including RBC Capital Markets, LLC and Barclays Capital Inc., to facilitate these sales. Transactions under the ATM Program may be made directly on or through the New York Stock Exchange.
Chesapeake Utilities intends to utilize the proceeds from any sales of these shares for general corporate purposes. These purposes include financing capital expenditures, repaying short-term debt, funding acquisitions, investing in subsidiaries, and supporting general working capital needs, providing the company with enhanced financial flexibility for its growth initiatives.
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