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Oil and gas exploration company Elephant Oil (ELEP) has downsized the proposed terms of its initial public offering to $15M from $20M.
Texas-based Elephant Oil said in its most recent filing that it is looking to offer 3.2M units priced between $4.15 and $5.15, which would raise around $15M if priced at the midpoint at $4.65. Each unit would consist of one share plus one warrant to buy one share at the assumed exercise price of $5.81, which would be approximately 125% of the assumed IPO price.
An exploration stage company, Elephant Oil plans to focus on oil and gas prospects in Benin and Namibia. Incorporated in March 2021, the company has not yet begun core operations.
Spartan Capital is serving as lead bookrunner on the deal. Elephant Oil intends to list its shares on Nasdaq under the symbol ELEP.
In March, Elephant Oil said that it was looking to offer $20M in units, with EF serving as lead bookrunner.