Comstock Resources (CRK) Prices 40M Share Common Offering at $5/Sh

Comstock Resources, Inc. (NYSE: CRK) announced today that it priced its previously announced underwritten public offering 40,000,000 shares of common stock at a price to the public of $5.00 per share. In addition, the Company has also granted the underwriters a 30-day option to purchase up to 6,000,000 additional shares of common stock at the same price per share. The offering is expected to close on or about May 18, 2020, subject to customary closing conditions.

The net proceeds to the Company, after deducting the underwriting discounts and commissions and estimated offering expenses, are expected to be approximately $190.4 million (exclusive of the underwriters’ 30-day option to purchase additional shares of common stock). The Company intends to use the net proceeds of the offering toward the redemption of the outstanding Series A Convertible Redeemable Preferred Stock .

Citigroup, BMO Capital Markets, Mizuho Securities and Wells Fargo Securities are acting as joint book-running managers for the offering and Citigroup is acting as representative of the underwriters. Fifth Third Securities, Regions Securities LLC, KeyBanc Capital Markets, Barclays, Capital One Securities, Natixis, Citizens Capital Markets, CIT Capital Securities, Credit Agricole CIB, Goldman Sachs & Co. LLC, Huntington Capital Markets, Johnson Rice & Company L.L.C., SOCIETE GENERALE, Tuohy Brothers, U.S. Capital Advisors and Hancock Whitney Investment Services, Inc. are acting as co-managers for the offering.

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