Ranger Energy Services, Inc. announced that it expects to receive $42 million in funding
September 09, 2021
Share
Ranger Energy Services, Inc. announced that it has entered into a definitive agreement for private placement of 6,000,000 series A convertible preferred share at a price of $7 per share for gross proceeds of $42,000,000 on September 10, 2021. The company has entered into securities purchase agreement with certain accredited investors. The par value of the shares is $0.01 per share. The preferred share will automatically convert into shares of class A common share, par value $0.01 per share. The closing of the transaction is subject to various conditions, including the simultaneous close of the basic asset acquisition which is expected to be concluded by the end of September 2021.
Ranger Energy Services, Inc. is a provider of onshore high specification well service rigs, wireline services, and additional processing solutions and ancillary services in the United States. The Company operates in three segments: High Specification Rigs, Wireline Services, and Processing Solutions and Ancillary Services. The High Specification Rigs provides high specification well service rigs and complementary equipment and services to facilitate operations throughout the lifecycle of a well. The Wireline Services. provides services necessary to bring and maintain a well on production and consists of its wireline completion, wireline production and pump down lines of business. The processing Solutions and Ancillary Services provides other services often utilized in conjunction with its High Specification Rigs and Wireline Services segments. These services include equipment rentals, plug and abandonment, logistics, snubbing and coil tubing, and processing solutions.
RANGER ENERGY SERVICES, INC. 
