Chesapeake Utilities (CPK) Prices 3.86M Share Offering at $85.50/sh

Chesapeake Utilities Corporation (NYSE: CPK) today announced the pricing of an underwritten public offering of 3,859,649 shares of its common stock at an offering price of $85.50 per share. In connection with the offering, the underwriters have been granted a 30-day option to purchase up to 578,947 additional shares of the Company's common stock. The offering is expected to close on November 14, 2023, subject to the satisfaction of customary closing conditions. The net proceeds from the offering, after deducting underwriting discounts and commissions and before estimated offering expenses, are expected to be $319.2 million (not including any exercise by the underwriters of their option to purchase additional shares). The net proceeds will be used to fund, in part, the acquisition of Florida City Gas, which is expected to close in the fourth quarter of 2023, and to pay related fees and expenses.

Barclays Capital Inc., RBC Capital Markets, LLC and Wells Fargo Securities, LLC are acting as joint lead book-running managers for the offering. Citizens JMP Securities, LLC, PNC Capital Markets LLC, M&T Securities, Inc. and Janney Montgomery Scott LLC are acting as senior co-managers for the offering. Ladenburg Thalmann & Co. Inc., Maxim Group LLC, Sidoti & Company, LLC and Siebert Williams Shank & Co. LLC acted as co-managers for the offering.

A registration statement relating to the offering of common stock has been filed with the U.S. Securities and Exchange Commission (SEC) and became effective upon filing on August 31, 2023. A final prospectus supplement and accompanying prospectus relating to the common stock offered will be filed with the SEC and will be available on the SEC's website at www.sec.gov. When available, copies of the final prospectus supplement and accompanying prospectus relating to the common stock offering may be obtained by contacting Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, [email protected], (888) 603-5847; RBC Capital Markets, LLC, Attention: Equity Capital Markets, 200 Vesey Street, 8th Floor, New York, New York 10281, by telephone at (877) 822-4089, or by emailing [email protected]; and Wells Fargo Securities, LLC, Attention: Equity Syndicate Department, 500 West 33rd Street, New York, New York, 10001, at (800) 645-3751(option #5) or email a request to [email protected].

This press release does not constitute an offer to sell, or the solicitation of an offer to buy, shares of Chesapeake's common stock and will not constitute an offer, solicitation or sale in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

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