Besmleh

Spence to sell $6.9bn in shares after EMEA stock market crash

SPENCER, Ga.

–  Spence Energy Corp. said Monday that it plans to sell nearly $6 billion of its stock after it lost about $3 billion in the global market crash.

The company said in a news release that the $6bn deal is part of a plan to reduce the value of its outstanding stock by $6 per share by the end of 2019.

Spence said it expects to sell about 3.8 million shares in its common stock, the most it has ever sold.

Shares in the company were trading about 10% below their average closing price on Monday.

Spence was a pioneer in coal and gas production in Georgia and Tennessee and the second largest utility in the state.