Diamondback Energy slips on 4M share stock offering

• Diamondback Energy (FANG -3.7%) slips today after announcing a 4M share public offering, subject to market and other conditions.
• The underwriters will also have an option to purchase up to an additional 600K shares of common stock.
• The company intends to use the net proceeds to fund its pending acquisitions of additional acreage in the Permian Basin, and to use any remaining net proceeds to fund a portion of its exploration and development activities.
• Credit Suisse is the sole book runner.