Viper Energy prices secondary offering of 11.5M shares at $35; Diamondback ownership to drop below 50%

VNOM Sub, Inc.

Diamondback selling 11.5M VNOM shares at $35; gross proceeds ~$402.5M.
Underwriters have 30-day option to purchase up to 1.725M additional shares.
Viper gets no proceeds; offering closes March 8, 2024.
Diamondback ownership will drop to ~49%; Viper ceases to be a Nasdaq-controlled company.
Board forms Compensation and Nominating Committees with independent directors to comply.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

VNOM Sub, Inc. entered into Underwriting Agreement with Diamondback Energy, Inc. and J.P. Morgan Securities LLC, as representative of the several underwriters valued at $35.00 per share (effective 2024-03-05).

Action: entry
Agreement: underwriting
Counterparty: Diamondback Energy, Inc. and J.P. Morgan Securities LLC, as representative of the several underwriters
Value: $35.00 per share
Effective: 2024-03-05

Exact text from the filing

On March 5, 2024, Viper Energy, Inc. (“Viper”) entered into an Underwriting Agreement (the “Underwriting Agreement”) with Diamondback Energy, Inc. (“Diamondback” or the “Selling Stockholder”) and J.P. Morgan Securities LLC, as representative of the several underwriters named therein (the “Underwriters”).

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632 material agreements filed in the last 30 days. Browse all material agreements →

Source: SEC EDGAR

accession 0001193125-24-062167

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