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      Are There Any Catalysts Today To Boost BORR Stock Premarket Activity? - Stocks Telegraph

      By ST Staff

      Published on

      July 9, 2021

      12:05 PM UTC

      Last Updated on

      July 14, 2021

      7:06 AM UTC

      Are There Any Catalysts Today To Boost BORR Stock Premarket Activity? - Stocks Telegraph

      In Friday’s premarket session, shares of Borr Drilling Limited (BORR) rose 7.47% to $0.8298. Last trading session, BORR stock fell -4.82% to $0.77. The number of shares of BORR stock traded on the day was 2.34 million which was below the average daily trading volume of 2.48 million shares for the past 50 days. As a result of its at-the-market (ATM) offering program, BORR stock is gaining.

      What will BORR’s offering be worth?

      Incorporated in Bermuda in 2016, Borr Drilling is an international drilling contractor that debuted on the Oslo Stock Exchange on August 30, 2017, and on the New York Stock Exchange on July 31, 2019. Located in the offshore oil and gas industry worldwide, BORR is an operator and owner of high-quality jack-up rigs and offers services focus on the shallow water segment.

      Borr Drilling this week announced the launch of its ATM program and an Equity Distribution Agreement with Clarksons Platou Securities, Inc. dated July 6, 2021.

      • As BORR’s sales agent, Clarksons Platou will underwrite its sale of up to $40 million in common shares that will be listed on the New York Stock Exchange from time to time.
      • The Equity Distribution Agreement stipulates that BORR can, at any time and from time to time, offer and sell its common shares through Clarksons Platou.
      • It is possible for the sales agent to purchase shares of BORR common stock as a principal or as an agent for BORR.
      • Shares of the BORR can be sold by way of ordinary brokers’ transactions, block deals, or otherwise according to arrangements between the BORR and Clarksons Platou as sales agent.
      • Depending on the market price at the time of sale, the securities may be sold at a price related to that market price or at a price negotiated with the issuer.
      • There will be no public offering or sale of BORR common shares on Oslo Stock Exchange.
      • ATM program does not currently include any share sales by the Board, however, the facility offers BORR flexibility in response to market changes, including those that may occur in the future.

      How will BORR use the proceeds?

      As to the future use of any proceeds from these sales, Borr Drilling (BORR) plans to put it to general corporate purposes, which may include the payment of its debt obligations, as well as possible concessions or extensions of current facilities to BORR’s creditors. Also, BORR can use the proceeds to fund capital expenditures, including costs associated with activating and reactivating rigs that are brought into service, or to fund working capital.

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