Sable Offshore Corp. (NYSE: SOC, “Sable” or the “Company”) has announced the redemption of all outstanding warrants (the “Public Warrants”) to purchase shares of the Company’s common stock, par value $0.0001 per share (the “Common Stock”). These warrants were issued under the Warrant Agreement dated February 24, 2021, between the Company and Equiniti Trust Company, LLC (formerly American Stock Transfer & Trust Company, LLC), as the warrant agent (the “Warrant Agent”). This redemption applies to the Public Warrants associated with the units sold during the Company’s initial public offering (the “IPO”) that remain outstanding as of 5:00 p.m. New York City time on November 4, 2024 (the “Redemption Date”), at a redemption price of $0.01 per Public Warrant. However, warrants issued in a private placement simultaneously with the IPO and still held by the initial holders or their permitted transferees are not included in this redemption.
According to the Warrant Agreement terms, the Company can redeem all outstanding Public Warrants if the last sales price of the Common Stock is at least $18.00 per share on each of twenty trading days within any thirty-day trading period ending on the third trading day prior to the notice of redemption. The Warrant Agent will notify each registered holder of the outstanding Public Warrants at the Company’s direction.
The Public Warrants will stop trading on the New York Stock Exchange at 5:00 p.m. New York City time on October 31, 2024. Holders may exercise their Public Warrants until 5:00 p.m. New York City time on the Redemption Date to purchase fully paid and non-assessable shares of Common Stock at an exercise price of $11.50 per share. Any unexercised Public Warrants by 5:00 p.m. on the Redemption Date will be void and non-exercisable, and the holders will receive only the redemption price of $0.01 per warrant.
The Company, its board of directors, and employees, including management, have not made any recommendations or representations to holders of the Public Warrants regarding whether to exercise or refrain from exercising their warrants.
