FirstEnergy Corp. on March 6 registered up to $973.2 million worth of common stock, 10 cents par value, for potential sale by selling shareholders from time to time.
The filing covers the sale of 30,120,482 common shares at a proposed maximum offering price of $32.31 per share. The company will not receive any proceeds from the resale of the common stock.
The company issued the shares to the selling shareholders in connection with a stock purchase agreement dated Jan. 22 with ZP Master Utility Fund Ltd., P Zimmer Ltd., ZP Energy Fund LP and ZP Master Energy Fund LP.
Separately, FirstEnergy filed an automatic shelf registration for the potential sale of an unspecified amount of common and preferred stocks, debt securities and warrants from time to time.
FirstEnergy said it plans to use net proceeds from any sale of the securities for general corporate purposes.
