Kinetik Holdings Inc (KNTK)

Shares of Kinetik Holdings Inc (KNTK) dropped by 3.58% from $34.31 to $33.08 in the trading on Tuesday, December 12, 2023. The reason why KNTK down today is due to an announcement regarding the pricing of an upsized secondary offering of 6,500,000 shares of Class A common stock by Apache Midstream LLC, a subsidiary of Apache Corporation. The offering was priced at $31.50 per share. Notably, Kinetik itself is not selling any shares in this offering and will not receive any proceeds from it. The decision to increase the offering size from the initial 6,000,000 shares was driven by strong investor demand. Additionally, the Selling Stockholder has granted underwriters a 30-day option to purchase up to an additional 975,000 shares of Kinetik's Class A common stock.