---
schema_version: "secwatch.filing_event.v1"
accession: "0000789933-22-000067"
form_type: "8-K"
ticker: "NC"
cik: "0000789933"
company_name: "NACCO INDUSTRIES INC"
filed_at: "2022-12-05T23:59:59+00:00"
generated_at: "2026-06-21T09:53:58.812715+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# NACCO sells minority stake in Midwest AgEnergy for $18.6M cash; up to $13.6M in earn-outs

## Summary
- Received $18.6M cash for transferring minority equity interest in MAG to HLCP Ethanol Holdco.
- Escrow held for working capital adjustment (settled within 60 days) and indemnity through Dec 2023.
- Earn-out 1: up to additional payments based on EBITDA targets through Dec 31, 2024.
- Earn-out 2: tied to development of CO2 pipeline for sequestration project over four years.
- Total additional payments from earn-outs and escrow could range $0 to approx. $13.6M.

## SEC filing metadata
- accession: 0000789933-22-000067
- form_type: 8-K
- ticker: NC
- cik: 0000789933
- company_name: NACCO INDUSTRIES INC
- filed_at: 2022-12-05T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/789933/000078993322000067/0000789933-22-000067-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/789933/000078993322000067/nacco-20221201.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000789933-22-000067
- JSON: https://secwatch.observer/filing/0000789933-22-000067.json
- Plain text: https://secwatch.observer/filing/0000789933-22-000067.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.