Sable Offshore shares surge 18.16% premarket after announcing $250 million private placement to institutional investors.

Sable Offshore (SOC) surged 18.16% in premarket trading following the announcement of a $250 million private placement of 45.5 million shares at $5.50 per share, priced above its current market value of $5.34. The capital raise, led by Jefferies and TD Cowen, is intended to satisfy the equity contribution requirement for a recently amended senior secured term loan with Exxon Mobil. This development alleviated investor concerns about Sable’s liquidity and debt obligations, particularly as the company faces a high debt-to-equity ratio and legal uncertainties. The premarket rally reflects optimism that the funding will stabilize operations and support its offshore project in California, despite broader risks highlighted in prior reports, including lawsuits and regulatory challenges.