05:08 PM EST, 03/06/2024 (MT Newswires) -- Crescent Energy ( CRGY ) said late Wednesday that a secondary offering of 12 million Class A common stock has begun.

The company said Independence Energy Aggregator is the direct owner of the shares on offer and the entity through which certain unaffiliated limited partners and affiliated entities hold their interests in the Crescent group.

The selling stockholder expects to grant underwriters a 30-day option to purchase up to 1.8 million additional shares.

The company will neither sell shares in the offering nor receive any proceeds from the sale.

Shares of the company dropped 4.4% in after-hours activity.

Price: 10.78, Change: -0.5, Percent Change: -4.43