05:34 AM EST, 03/06/2024 (MT Newswires) -- Viper Energy ( VNOM ) said late Tuesday an underwritten public offering of 11.5 million of its class A common shares by parent company Diamondback Energy ( FANG ) has been priced for gross proceeds of about $402.5 million.

Viper will not receive any proceeds from the secondary offering, which is expected to close on Friday.

The selling stockholder has granted the underwriters a 30-day option to purchase up to roughly 1.7 million additional shares, the company said.

Viper Energy ( VNOM ) shares were down more than 7% in premarket activity Wednesday.

Price: 35.60, Change: -2.74, Percent Change: -7.15