Elephant Oil Corp. (ELEP) is planning to raise $8 million in an initial public offering (IPO) on Tuesday, November 14th, IPO Scoop reports. The company will issue 1,700,000 shares at a price of $4.00-$5.00 per share.
The company has a market-cap of $55 million.
Spartan Capital Securities acted as the underwriter for the IPO.
Elephant Oil Corp. provided the following description of their company for its IPO: “We are an independent oil and gas exploration stage company, led by an experienced management and technical team, which is focused on under-exploredÂ regions in Africa. Our current asset portfolio includes an exploration license onshore in the Republic of Benin (â€śBeninâ€ť), as well as an exploration license onshore in the Republic of Namibia (â€śNamibiaâ€ť). As of the date of this prospectus, we have not drilled any wells. Additionally, the Company continues to review other potential assets for expansion. **Note: Net loss and revenue figures are for the year that ended June 30, 2022. (Note: Elephant Oil Corp. revived its IPO in early November with plans to price the micro-cap deal in mid-November: 1.67 million shares at $4.00 to $5.00 to raise $7.52 million. These are the same terms from the July 21, 2023, filing with the SEC. Background:Â Elephant Oil Corp. postponed the pricing of its IPO, which had been tentatively expected for sometime during the week of Aug. 14, 2023, or the following week. Previously: Elephant Oil Corp. slightly increased the size of its IPO in an S-1/A filing dated July 21, 2023, to 1.67 million shares from 1.56 million shares and kept the price range at $4.00 to $5.00 to raise $7.52 million. Previously: Elephant Oil Corp. increased the size of its IPO again in an S-1/A filing dated June 1, 2023: The IPO was increased to 1.56 million shares (1,555,556 shares) and the price range was kept at $4.00 to $5.00 – to raise $7.0 million – an increase of about $120,000 in the IPO’s estimated proceeds. Background:Â Elephant Oil Corp. increased its IPO’s size in an S-1/A filing dated March 30, 2023, to 1.53 million shares (1,527,778 shares) and kept the price range at $4.00 to $5.00 to raise $6.88 million ($6,875,001). Elephant Oil Corp. cut its IPO’s size by about 24 percent and changed the IPO’s structure by removing the warrants in an S-1/A filing dated March 9, 2023: The IPO now consists of 1.44 million shares at $4.00 to $5.00 to raise $6.48 million. Previously, the IPO’s terms were 1.83 million units – with each unit consisting of one share of common stock and one warrant to buy one share – at a price range of $4.15 to $5.15 – to raise $8.5 million. The IPO’s terms have been revised numerous times – see background note below. The S-1 was filed March 25, 2022; confidential IPO documents were filed on Dec. 21, 2021.) (Background: The IPO has been on hold since mid-February, when the deal did not get done after tentatively setting a pricing date during the week of Feb. 13, 2023. Elephant Oil Corp. filed an S-1/A on Dec. 6, 2022, to cut the size of its unit IPO – to 1.83 million units (1,827,957 units) from 2.58 million units (2,580,645 units) – and kept the price range at $4.15 to $5.15 – to raise $8.5 million. In terms of estimated IPO proceeds, the new terms represent a cut of 29.2 percent. The company updated its IPO plans with a placeholder filing dated Jan. 6, 2023. The IPO’s initial terms were 3.23 million units at $4.15 to $5.15 to raise $15.02 million, disclosed in an S-1/A filing on Aug. 12, 2022.) “.
Elephant Oil Corp. was founded in 2013 and has 3 employees. The company is located at Pennzoil Place 700 Milam, Suite 1300 Houston, TX 77002 and can be reached via phone at (832) 871-5050 or on the web at http://elephant-oil.com/.
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