Why Whiting Petroleum's Offering Had To Be At A Discount

Speaking to Benzinga, Meridian Equity Partners Senior Managing Partner and NYSE Floor Trader Jonathan Corpina commented on the Whiting Petroleum Corp (NYSE: WLL) stock offering.

Corpina noted that the company's insiders and executives were "looking to make a block sale," however, it had to be done "at a discount to attract buyers, otherwise they wouldn't be able to sell so much stock at once to a condensed group."

Related Link: Floor Trader: Whiting Petroleum Offer To Create Inventory Backlog

Corpina added that the sale was "at a steep discount due to the many factors including the recent stock decline," as it had traded at $90 in September.

Shares of Whiting Petroleum fell approximately 20 percent Tuesday and recently traded at $30.86.

Kevin Riley and Brianna Valleskey contributed to this report.

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