Equity Capitalization

3 Months Ended

Mar. 31, 2018

Equity [Abstract]

Equity Capitalization

Equity Capitalization

Initial Public Offering

On March 22, 2017, we consummated our IPO, in which 25,000,000 shares of our common stock, par value $0.001 per share, were sold at a public offering price of $14.00 per share, with 13,250,000 shares issued and sold by the Company and 11,750,000 shares sold by selling stockholders. We received net proceeds of approximately $170.1 million after deducting $10.9 million of underwriting discounts and commissions, and $4.5 million of other offering expenses. At closing, we used the proceeds (i) to repay $71.8 million in outstanding borrowings under our term loan, (ii) $86.8 million to fund the purchase of additional hydraulic fracturing units and other equipment, and (iii) the remaining for general corporate purposes. In connection with the IPO, all 16,999,990 shares of our previously outstanding Series A Preferred Stock converted to common stock on a 1:1 basis.