05:02 PM EST, 12/03/2024 (MT Newswires) -- Crescent Energy ( CRGY ) said late Tuesday it started an underwritten public offering of 18 million class A shares.

Underwriters will be given a 30-day option to buy up to an additional 2.7 million class A shares, the company said.

Net proceeds from the offering will be used to back part of the cash consideration for the planned acquisition of Ridgemar, which is slated to close in Q1 2025, Crescent said.

The planned acquisition isn't contingent upon completion of the offering and the offering isn't contingent upon completion of the acquisition, the company said.

If the acquisition isn't finalized, proceeds from the offering will be used to reduce its debt or for general corporate purposes, Crescent said.