Phoenix Energy One LLC announced the launch of trading for its Series A Preferred Shares on the NYSE American exchange under the symbol PHXE.P. The move follows a capital raise of $54.08mn through the issuance of 2,704,023 shares at a public price of $20.00 per share.
Capital raise and dividend schedule
According to the share terms, a short-period initial distribution of $0.11111 per share will be paid on October 15 to holders of record as of October 1. This distribution covers the pro-rated period from issuance to the first full payment date.
The proceeds from the offering represent a strategic step for Phoenix Energy, which conducted the financing in a market where similar offerings have struggled to close.
Agents and legal counsel involved
Digital Offering LLC acted as the lead selling agent for the initial public offering. Law firm Latham & Watkins LLP advised Phoenix Energy on legal matters related to the transaction. No further details were provided regarding the allocation or intended use of the capital raised.
Under the offering structure, the shares are cumulative and redeemable, providing investors with priority dividend rights over common shareholders and allowing Phoenix Energy the option to redeem the shares at a later date.
Market access and investor reach
The listing on NYSE American marks a milestone for Phoenix Energy in expanding its market exposure and trading liquidity. Access to this platform is expected to attract a broader base of institutional and retail investors.
The company has not released operational details or long-term financial guidance in this announcement. The launch occurs amid a selective investment climate, with capital markets focusing on proven business fundamentals.
