Rex Energy (REXX) Stock Drops on Stock Offering

Rex Energy (REXX) Stock is Dropping on news that the company will do a Private Stock Offering
 

Rex Energy Corporation Announces Public Offering of Common Stock
 

Rex Energy Corporation "Rex Energy" (Nasdaq:REXX) today announced that it is commencing, subject to market conditions, an underwritten public offering of 7.0 million shares of its common stock. The company intends to grant the underwriters a 30-day option to purchase up to 1.05 million additional shares to cover overallotments, if any.
KeyBanc Capital Markets is acting as the sole book-running manager for the offering.
The company intends to use the net proceeds from the offering to repay borrowings under its senior credit facility.

The offering is being made pursuant to an effective shelf registration statement that Rex Energy previously filed with the Securities and Exchange Commission. A prospectus supplement relating to the offering has been filed with the Securities and Exchange Commission. Copies of the prospectus supplement and the accompanying prospectus may be obtained by contacting: KeyBanc Capital Markets, Attn: Prospectus Delivery Department, 127 Public Square, 6th Floor, Cleveland, OH 44114, 1-800-859-1783.

REXX is active in the Utica Shale

http://oilshalegas.com/uticashale.html