Lafayette Energy Refiles IPO, Expects to Sell 1.2 Million Shares

Lafayette Energy, an oil and gas exploration and production company based in Lehi, Utah, is planning to sell 1.2 million shares in its refiled initial public offering (IPO). The shares are expected to be priced at $4 to $5 each.

Earlier this year, Lafayette had filed for an IPO with the U.S. Securities and Exchange Commission but later withdrew its registration in August. However, the company has now filed a fresh IPO on Friday, expressing its optimism regarding the offering.

If successful, Lafayette expects to generate net proceeds of $5.4 million from the IPO. The company intends to utilize these funds for initial development opportunities, payments to officers and directors, and working capital.

Lafayette Energy has initially focused on oil and gas assets in Eastern Utah and plans to list its shares on the Nasdaq Capital Market under the symbol LEC. Additionally, the filing also included the registration of 3.15 million shares of common stock that will be available for resale.

The underwriting responsibilities for the offering have been assigned to Spartan Capital Securities.