05:55 PM EDT, 04/03/2024 (MT Newswires) -- Riley Exploration Permian ( REPX ) said late Wednesday it has started an underwritten public offering of 2.1 million shares, with 700,000 shares coming from the company and the balance from some stockholders.

Underwriters are given a 30-day option to buy up to an additional 315,000 shares, the company said.

The company said it intends to use the proceeds for general corporate purposes.

Riley shares were down about 14% in after-hours activity.

Price: 28.6, Change: -4.92, Percent Change: -14.68