CHESAPEAKE UTILITIES CORPORATION ANNOUNCES $225 MILLION AT-THE-MARKET (ATM) EQUITY OFFERING PROGRAM

Potential proceeds are intended to support capital spending and acquisitions, among other uses, including repayment of short-term borrowings.

Rhea-AI Summary

Chesapeake Utilities (NYSE: CPK) has established an at-the-market equity offering program to sell up to $225 million in common stock. Shares may be sold from time to time, including directly on or through the New York Stock Exchange, rather than representing a completed capital raise.

The company intends to use proceeds, if any, for capital expenditures, repayment of short-term debt or revolving credit borrowings, acquisitions, investments in subsidiaries and working capital. The program also allows sales through forward sale agreements.

1 point · 0 major

MixediHow this balance works

How this balance works

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It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

0 major · 1 point

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate point. Forward-looking: it has not happened yet and may not happen.Up to $225 million in common-stock sales provides potential financing capacity. 7.3% of market cap

Negative

• Moderate point. Forward-looking: it has not happened yet and may not happen.Common-stock issuance under the up-to-$225 million program would dilute existing shareholders. 7.3% of market cap

News Explained

If Chesapeake Utilities sells new shares through its ATM program, issuance increases the share count and reduces existing holders’ percentage ownership.

Key Figures

ATM program capacity: Up to $225,000,000

ATM program capacity

Up to $225,000,000

Aggregate sales price of common shares

Previous Offering Reports

1 past event · Latest: Nov 22

Same Type 1 event

1. Nov 22

   ATM offering

   24h Move

   +0.7%

   Established a prior $100 million ATM program under the existing shelf for general corporate purposes.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

at-the-market offering, shelf registration statement, forward sale agreement, prospectus supplement

4 terms

at-the-market offering financial

"transactions deemed to be "at-the-market offerings," as defined in Rule 415"

An at-the-market offering is a method companies use to sell new shares of stock directly into the open market over time, rather than all at once. This allows them to raise money gradually, similar to selling small pieces of a product instead of a large batch. For investors, it means the company can access funding more flexibly, but it may also increase the supply of shares and influence the stock’s price.

shelf registration statement regulatory

"under the Company's existing shelf registration statement on Form S-3"

A shelf registration statement is a document a company files with regulators that allows it to sell shares or bonds quickly when it’s a good time to raise money. It’s like having a pre-approved plan ready so the company can act fast without going through lengthy paperwork each time they want to sell, making fundraising more flexible.

forward sale agreement financial

"shares that may be sold pursuant to forward sale agreements"

A forward sale agreement is a contract where a holder of securities or assets agrees to sell them at a fixed price on a specific future date, like a farmer locking in a price for next season’s crop. For investors this matters because it creates predictable future cash or supply and reduces price uncertainty, but it can limit upside if prices rise and introduces risk if the other party fails to deliver or payment affects shareholder value through dilution or financing choices.

prospectus supplement regulatory

"made by means of a prospectus supplement to the prospectus"

A prospectus supplement is an additional document provided alongside a company's main offering details, offering updated or extra information about a specific financial product being sold. It helps investors understand the latest terms, risks, and details of the investment, similar to how an update or revision clarifies or expands on original instructions, ensuring they have current and complete information before making a decision.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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DOVER, Del., Oct. 1, 2026 /PRNewswire/ -- Chesapeake Utilities Corporation (NYSE: CPK) ("Chesapeake Utilities" or the "Company") today announced that it has established an at-the-market equity offering program (the "ATM Program") to sell shares of its common stock having an aggregate sales price of up to $225,000,000, from time to time through either the Managers (as defined below) or the Forward Sellers (as defined below) (including the shares that may be sold pursuant to forward sale agreements, the "Shares").

The Shares will be offered under the Company's existing shelf registration statement on Form S-3 (File No.: 333-299198) filed with the Securities and Exchange Commission (the "SEC"). The offering is being made by means of a prospectus supplement to the prospectus contained in the registration statement. Sales of the Shares may be made in transactions deemed to be "at-the-market offerings," as defined in Rule 415 under the Securities Act of 1933, as amended, including by sales made directly on or through the New York Stock Exchange. For sales pursuant to a forward sale agreement, the relevant Forward Purchaser will, at the Company's request, attempt to borrow from third parties and, through the relevant Forward Seller, sell a number of Shares equal to the number of Shares that underlie the forward sale agreement to hedge such forward sale agreement.

Chesapeake Utilities intends to use the proceeds from the sales, if any, of the Shares for general corporate purposes, including, but not limited to, financing of capital expenditures, repayment of short-term debt or borrowings under its revolving credit facility, financing acquisitions, investing in subsidiaries and general working capital purposes.

The Company established the ATM Program pursuant to an equity distribution agreement entered into with Barclays Capital Inc., Citizens JMP Securities, LLC, Ladenburg Thalmann & Co. Inc., Morgan Stanley & Co. LLC, RBC Capital Markets, LLC and TD Securities (USA) LLC, as managers (in such capacity, each a "Manager" and, together, the "Managers"), Barclays Bank PLC, Citizens JMP Securities, LLC, Morgan Stanley & Co. LLC, Royal Bank of Canada and The Toronto-Dominion Bank, as forward purchasers (in such capacity, each a "Forward Purchaser" and, together, the "Forward Purchasers"), and Barclays Capital Inc., Citizens JMP Securities, LLC, Morgan Stanley & Co. LLC, RBC Capital Markets, LLC and TD Securities (USA) LLC, as affiliated forward sellers (in such capacity, each a "Forward Seller" and, together, the "Forward Sellers").

Before making an investment in the Shares, potential investors should read the prospectus and the prospectus supplement for more complete information about Chesapeake Utilities and the offering. Potential investors may obtain these documents for free by visiting EDGAR on the SEC's website at www.sec.gov. Alternatively, copies of the prospectus supplement may be obtained free of charge from Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at 1-888-603-5847, or by email at barclaysprospectus@broadridge.com.  

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities, in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

About Chesapeake Utilities Corporation
Chesapeake Utilities Corporation is a diversified energy delivery company listed on the New York Stock Exchange. Chesapeake Utilities Corporation offers sustainable energy solutions through its natural gas transmission and distribution, electricity generation and distribution, propane gas distribution, mobile compressed natural gas utility services and solutions and other businesses. 

Forward-Looking Statements
Matters included in this release may include forward-looking statements that involve risks and uncertainties. Actual results may differ materially from those in the forward-looking statements. Please refer to the Safe Harbor for Forward-Looking Statements in the Company's 2025 Annual Report on Form 10-K and subsequent reports filed with the SEC for further information on the risks and uncertainties related to the Company's forward-looking statements.

Chesapeake Utilities Corporation Contacts:

Noah T. Russell
Assistant Vice President and Treasurer
302.387.9147
Nrussell@chpk.com

Lucia Dempsey
Head of Investor Relations
347.804.9067
LDempsey@chpk.com

 

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SOURCE Chesapeake Utilities Corporation

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much stock can Chesapeake Utilities sell under its ATM offering program?

Chesapeake Utilities can sell common stock with an aggregate sales price of up to $225 million. Sales may occur from time to time; the program's establishment is not a completed sale of that amount.

How do forward sales work in Chesapeake Utilities' equity offering program?

At Chesapeake Utilities' request, a forward purchaser will attempt to borrow shares from third parties and sell them through a forward seller to hedge a forward sale agreement. The number sold would equal the number of shares underlying that agreement.