HighPeak Energy Inc. HPK shares rose, following a halt, halted late Monday after the oil and natural gas company said it was exploring strategic alternatives including a potential sale. HighPeak shares rose 10% after hours, following a brief trade halt that preceded the news. Shares rose 3.6% to close the regular session at $26.92. HighPeak said Credit Suisse and Wells Fargo have been retained as financial advisors. “Based on our forecast, we anticipate having self-sustaining operations and becoming cash flow positive in the second half of this year and then transitioning into consistent free cash flow generation thereafter,” the company said in a statement. “We believe we are currently trading at a substantial discount to our intrinsic value and our investors will benefit materially as we transition into a free cash flow mode.”
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.