Sable Offshore shares surge 32.77% premarket after announcing $250M private placement to institutional investors.

Sable Offshore (SOC) surged 32.77% in premarket trading following the announcement of a $250 million private placement of 45.45 million common shares at $5.50 per share, with proceeds intended for general corporate purposes and to satisfy the equity condition of a recent senior secured term loan amendment. The offering, led by Jefferies and TD Cowen, addresses Sable’s leveraged balance sheet and provides liquidity amid ongoing operational and legal challenges, including a strategic shift to offshore production. The premarket rally aligns with earlier reports of a 25.4% and 16% surge post-announcement, reflecting investor relief over the capital infusion and reduced near-term financial risk.