Battalion Oil Corporation
Battalion Oil Announces Issuance of Series A-4 Preferred Stock
Summary
On May 13, 2024, Battalion Oil Corporation announced the issuance of 20,000 shares of Series A-4 Redeemable Convertible Preferred Stock in a private placement, raising approximately $19.5 million. The transaction was approved by the board of directors and closed on the same date. The proceeds will be used for general corporate purposes. The terms of the preferred stock include a liquidation preference of $1,000 per share, a dividend rate of 14.5%, and conversion rights into common stock at a ratio of 1 share of preferred stock for every 16.00 shares of common stock, subject to adjustment. The transaction was conducted under an exemption from registration requirements. This issuance also includes modifications to the rights of existing security holders and amendments to the company's articles of incorporation or bylaws.
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Exhibits (3)
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About Battalion Oil Corporation
Battalion Oil Corporation is a U.S.-based energy company specializing in the exploration and production of hydrocarbon resources. Its primary function is to identify, develop, and extract crude oil and natural gas reserves, focusing predominantly on the onshore regions within the United States, particularly the Permian Basin—a region known for its significant oil and gas prospects. Battalion Oil Corporation plays a crucial role in the energy sector by contributing to the domestic supply of energy commodities, which are integral to various industries ranging from manufacturing to transportation. The company is involved in the upstream segment of the energy market, dealing with the initial stages of energy production. This involves seeking new resource deposits, drilling, and bringing oil and gas to the surface, which subsequently supply refineries and other downstream operations. Battalion Oil Corporation's activities are pivotal in supporting the energy needs of local and international markets, influencing energy prices, and impacting the overall energy independence of the United States.
Official SEC Documents
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