Shares of Tellurian Slide on Share Issuance Announcement
Shares of natural gas company Tellurian (NASDAQ: TELL) are down 16% as of 11:30 a.m. EST. The declined is tied to the announcement that the company will issue new shares.
Tellurian is in the early stages of developing a liquefied natural gas (LNG) export terminal and hoping to become a premier natural gas exporting company -- much like current gas exporter Cheniere Energy (NYSEMKT: LNG). After all, Tellurian is led by Charif Souki, the founder and former CEO of Cheniere who was ousted by Carl Icahn in late 2015. If the long development process of Cheniere is any guide, then it should not come as too much of a surprise that Tellurian is looking to raise money.
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Source: Fool.com
