New Fortress Energy LLC will likely attempt a workaround to go public amid the U.S. government's partial shutdown, the Wall Street Journal reported on Jan. 22, citing people familiar with the matter.
The company, which builds natural gas-fired power plants, is likely to attempt an initial public offering without the Securities and Exchange Commission's explicit green light, in a move that will involve changing language in its IPO paperwork to make it automatically effective after 20 days, the Journal reported.
RELATED: Integrated LNG Company New Fortress Energy Launches $400 Million IPO
The company was preparing for its IPO when the government shut down in December over President Donald Trump's demand for $5.7 billion to build a wall along the U.S.-Mexico border, in what has become longest shuttering of federal agencies in U.S. history.
New Fortress is likely to file for an IPO again on Jan. 24, changing its language and picking a target price for shares, the report said. By doing so, it will be able to sell its stock to investors 20 days later, it added.
The company declined to comment when contacted by Reuters.
Recommended Reading
Biden Administration Criticized for Limits to Arctic Oil, Gas Drilling
2024-04-19 - The Bureau of Land Management is limiting new oil and gas leasing in the Arctic and also shut down a road proposal for industrial mining purposes.
Exclusive: The Politics, Realities and Benefits of Natural Gas
2024-04-19 - Replacing just 5% of coal-fired power plants with U.S. LNG — even at average methane and greenhouse-gas emissions intensity — could reduce energy sector emissions by 30% globally, says Chris Treanor, PAGE Coalition executive director.
Renewed US Sanctions to Complicate Venezuelan Oil Sales, Not Stop Them
2024-04-19 - Venezuela’s oil exports to world markets will not stop, despite reimposed sanctions by Washington, and will likely continue to flow with the help of Iran—as well as China and Russia.
US Orders Most Companies to Wind Down Operations in Venezuela by May
2024-04-17 - The U.S. Office of Foreign Assets Control issued a new license related to Venezuela that gives companies until the end of May to wind down operations following a lack of progress on national elections.